Fundstrat financial strategist: Ethereum's next big target is $10,500

Ethereum, the world's second-largest cryptocurrency by market capitalization, is boomingThe Explosion of Decentralized Finance, also known as DeFi. Some market experts believe that the well-known cryptocurrency could rise further after hitting new all-time highs recently.

David Grider, an analyst at Fundstrat Global Advisors, a leading market research firm, said that ETH could easily skyrocket more than seven times to end the year at $10,500, as reported by Bloomberg.

Now,

Now,The second-largest cryptocurrency could go even further, hitting an all-time high of $10,500.Grider's goal is to build on the greater popularity of DeFi, which allows people to borrow and borrow without the intervention of third-party institutions.DeFi in particular provides a very strong case for the practical application of the Ethereum blockchain.

Noting that “blockchain computing could be the next future,” the strategist added,Ethereum is currently the "best venture capital return in cryptocurrency."

The Ethereum 2.0 network upgrade adds credence to the optimistic outlook. Grider observed that Ethereum has recently transitioned smoothly to the Proof-of-Stake (PoS) consensus algorithm, which has high scalability and the ability to handle fast transactions. Like card payment giants like Mastercard and Visa.

The beacon chain went live early last month after months of delays. Notably, this release sets the stage for more future transformations aimed atMake Ethereum a blockchain network capable of supporting a new financial system。

Grider believes that any delay in the upcoming network upgrade could deal a heavy blow to the price of Ethereum. In addition, the cryptocurrency bear market may also pose a risk to his ETH rebound prediction.

Ether has enjoyed a spectacular bull rally over the past few months, with its price rising from a low of $305 in August 2020 to a recent high of $1,437.

But since the record was broken on Tuesday, the price of ethereum has been slipping, with the cryptocurrency trading at $1,318.51 at press time, down 4.60% on the day.

ETH's short-term price action depends heavily on the action of flagship cryptocurrency Bitcoin. This means that if BTC falls below the key $34,000 level, ETH and other cryptocurrencies could suffer a huge pullback. Likewise, if BTC recovers and soars to new highs, then Ethereum and other benchmarks will likely start fresh growth in general.

Regardless, Fundstrat's David Grider believes,The original text comes from zycrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.

The original text comes from zycrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.