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In the past few days, it has been seen that Ethereum is blooming very impressively and now its price has surged to a new all-time high. Fundstrat analyst David Grider has recently predicted that ETH will surge to $10,500 by the end of this year.
The major reason behind this rapid surge in Ethereum price is the blooming DeFi sector. Most of the DeFi projects are built on Ethereum only so ultimately, their success means Ethereum’s success. Now Ethereum price has surged above $14,000 which it was chasing for the past one week.
Fundstrat Analyst Made this Target Due to Surge in the DeFi Sector
As Ethereum crossed its previous all-time high, the predictions for a completely new high have started coming. Fundstrat analyst has predicted a major target of $10,500 for Ethereum, by the year-end. His predictions are based on the rapidly growing DeFi sector and this is the major reason behind the surge in Ethereum price.
Fundstrat analyst believes that Ethereum is considered to be the best risk or reward investment play in the industry. However, he has mentioned that the crypto bear market can also prove to be a risk to the ETH rally.
ETH Price Trajectory Is Dependent on Bitcoin
In the past few months, it has been seen that ETH price has been performing quite well as it has increased to $1,437 from a low of $305 in August 2020. It is believed that Ethereum is largely dependent on Bitcoin’s price movement. This means that increase in Bitcoin price will lead to appreciation in Ethereum’s and if Bitcoin price falls below $34k, the price of Ethereum and other altcoins will also see a major correction. Despite this correlation, Fundstrat analyst has claimed that 2021 is the year of Ethereum and it will experience huge gains by the end of this year.