Fundstrat: Ethereum will reach $ 5450 in the near future

Analysts at Fundstrat Global Advisors predict Ethereum ETH $2,217.80 Bridged Ether (StarkGate) -0.38% Market capitalization $42.06 million VOL. 24 hours $0.58 billion to rise to $ 5450 in the near term. The company’s partner Tom Lee said that the asset has already reached the «bottom» after a wave of mass liquidations in the crypto market.

Mark Newton, Fundstrat’s director of technical strategy, said that the best case scenario would be the formation of a bottom around $ 4300, followed by growth above $ 5100 and a move to the $ 5400−5450 range. At the time of publication, ETH has recovered above $ 4410, according to TradingView.

At the same time, Lee’s custodial company, BitMine, took advantage of the downturn and purchased another 4,871 ETH for more than $ 21 million, bringing its reserves to 1.72 million ETH (approximately $ 7.5 billion), which is about 40% of all corporate Ethereum holdings. Last week, BitMine increased its cryptocurrency and cash assets by $ 2.2 billion to $ 8.8 billion.

Currently, ETH is trading 11% below its all-time high of $ 4956. The growth of interest in the asset is also supported by institutional investors: SharpLink Gaming, a company associated with Ethereum co-founder Joseph Lubin, has purchased 143,593 ETH for $ 667 million.

Experts note that the open interest in Ethereum futures is growing faster than that of bitcoin, which may indicate increased institutional attention. Against this backdrop, BitMEX co-founder Arthur Hayes previously predicted that ETH would rise to $ 20,000 in the current cycle.