Ether, Bitcoin to Strengthen in Coming Weeks, FSInsight Says

The firm’s first upside target for bitcoin is close to $61,000 and then the highs from earlier this year of around $64,860.

Oct 15, 2021 at 10:03 a.m. UTC
Updated Oct 15, 2021 at 1:58 p.m. UTC

Will Canny is CoinDesk's finance reporter.

Ether is beginning to gain on bitcoin following a month of underperformance, and Thursday’s surge to multi-week highs suggests a retest of the September top at $4,027, according to a report published Oct. 14. by FSInsight, a markets strategy and research firm.

Ether is “showing evidence of starting to gain ground in market cap given the breakout in its market-cap dominance chart,” the report says.

FSInsight says both ether and bitcoin should continue to strengthen in coming weeks and “technically it looks right to own both near-term.”

An ether breakout above $4,027 should “not face much resistance at $4,410, but likely surpass this and rally to targets near $4,951, or targets above lie near $5,826,” and “it’s anticipated that September highs should be exceeded, giving way to acceleration back to new all-time highs,” the FSInsight report says.

The firm’s first upside target for bitcoin is close to $61,000 and then the highs from earlier this year of around $64,860.

FSInsight had previously argued that the gains in crypto markets seen on Oct. 1 may be technically significant.

Bitcoin was trading at about $59,360 and ether at $3,778 as of publication time.



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Will Canny is CoinDesk's finance reporter.

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