Standard Chartered Says Ethereum Price Can Reach $35,000, Here’s When
13 Oktober 2023 - 1:00AM
NEWSBTC
Ethereum has struggled alongside Bitcoin through the current bear
market climate but this has not stopped bullish predictions for the
digital asset. The most recent bullish prediction comes from
British multinational bank Standard Chartered which believes that
the Ethereum price could climb higher than $8,000. Factors
That Could Trigger The Rise Geoff Kendrick, Head of Digital Assets
Research at Standard Chartered Bank has revealed his forecast for
the Ethereum price in a research note. According to the researcher,
he sees big things in the future of the digital asset which could
climb higher than $8,000 in the coming years. Related Reading: Will
Ethereum Drop Back To $900? Here’s What This Analyst Thinks Talking
about the asset’s valuation, Kendrick points toward the many use
cases for Ethereum that have emerged over the years but also sees
more use cases emerging as time goes on. One of those is the
much-coveted gaming and asset tokenization sector. Also, the
Standard Chartered researcher said that they expect that Ethereum
will see more growth than the pioneer cryptocurrency, Bitcoin.
While he expects Bitcoin to rise 3.5x, they believe Ethereum will
rise 5 from current levels. “We think the path higher for ETH
prices may take longer than for BTC, but we see ETH eventually
reaching a higher price multiple than BTC relative to current
levels (5.0x versus 3.5x),” the researcher said. He also believes
that Ethereum would go on to further register its dominance in the
space, especially with the Layer 2 blockchains such as Arbitrum
that have popped up to enhance the network. This, he believes,
would lead to an increase in the Ethereum profit-earnings ratio
(P/E ratio). ETH price succumbs to bear pressure | Source: ETHUSD
on Tradingview.com Ethereum Could Climb Above $8,000 In terms of
actual dollar values, $8,000 is not the only figure that the
researcher dropped for the Ethereum price. The expectations for the
digital asset exceed this four-digit figure right into the
five-digit territory as Kendrick believes ETH could rise to
anywhere between $26,000 and $35,000. As for when this might
happen, the researcher seems to be targeting the next bull market
as he expects the factors that will drive this value growth to
happen between 2025-2026. “We see the $8,000 level as a stepping
stone to our long-term ‘structural’ valuation estimate of
$26,000-$35,000,” he said in the note. Then beyond this, the
researcher expects the price to continue to rise. Related Reading:
Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To
Come? This is not the first time that Kendrick has released a
bullish prediction for cryptocurrencies. He previously said he
expects the price of Bitcoin to reach $120,000 and the entire
crypto market to rise as well. However, it seems the researcher is
much more bullish on ETH. Not everyone has provided bullish
forecasts for ETH though. One crypto analyst actually believes that
the digital asset is set for more decline. In the analyst,
FieryTrading suggests that Ethereum’s price could fall as low as
$900. Follow Best Owie on X (formerly Twitter) for market insights,
updates, and the occasional funny tweet… Featured image from
Blockchain News, chart from TradingView.com
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