The bulls have taken over the crypto market with Bitcoin and Ethereum recording gains across the board. A year ago, the price action that preceded the end of the year took the market into new highs. The expectations are similar, but experts are yet to find a consensus. At the time of writing, Ethereum (ETH) trades at $3,466 with a 2.5% profit in the 24-hour chart. In his most recent report for Bloomberg Intelligence, Senior Commodity Strategist Mike McGlone believes the “biggest surprise” would be to not see higher prices for Bitcoin and Ethereum. Related Reading | Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs? The two main cryptocurrencies by market cap have been experiencing short-term bearish obstacles but with long-term bullish fundamentals. The crypto ban imposed by China is one of the most prominent examples. McGlone expects $40,000 to become the new critical support for Bitcoin in the coming months. Conversely, Ethereum could move into the $2,000 to $3,000 support zone in case of any downside risk. Both cryptocurrencies have been increasing their price floors after May, June, and July brought in a high amount of selling pressure into the market. Ethereum has major price tailwinds in the non-fungible token (NFT), fintech, stablecoins, and decentralized finances (DeFi). Thus, the analyst believes ETH’s price is still in its early days of price discovery moving into more appre...
