Standard Chartered Analysts Says Ethereum Price Will Reach $10,000 If This Happens
09 Oktober 2024 - 11:30PM
NEWSBTC
Analysts at British multinational bank, Standard Chartered have
predicted that the price of Ethereum (ETH) could potentially climb
to $10,000 in response to the anticipated political changes set to
take place following the upcoming United States (US) Presidential
elections. Standard Chartered Predicts Ethereum To $10,000 In a
research note by the head of Standard Chartered crypto research,
Geoffrey Kendrick, Ethereum could experience a dramatic rise to
$10,000 if Donald Trump, the former US President wins the upcoming
election. Related Reading: Bitcoin Price Turns Green In
October Once Again, Is The Bull Run Here? Delving into the
potential impact of a Trump administration on the future of the
digital asset industry, Kendrick predicts that both Ethereum and
Solana (SOL) will outperform Bitcoin (BTC) significantly, reaching
new all-time highs. The report posits that changes in a country’s
political regime tend to have a significant influence on the
trajectory of leading digital assets over time. Based on this
observation, Kendrick expects Solana to significantly outperform
Ethereum under a Trump regime. While Ethereum will witness
significant growth and possibly maintain its rank as the top
altcoin with the largest market capitalization, a Trump win could
change the market dynamics, potentially triggering even higher
gains and adoption for its competitor, Solana. On a different
note, if the current US Vice President, Kamala Harris wins the
upcoming elections, Kendrick’s report projects that Ethereum could
surge to $7,000, marking a 30% or $3,000 drop from the projected
$10,000 target under a Trump administration. However, under
Harris’s leadership, Ethereum will solidify its position as the
leading altcoin, potentially outperforming Bitcoin and Solana in
gains. It’s important to note that Standard Chartered
has cut down its earlier forecast for Ethereum by nearly 50%,
underscoring the volatility and unpredictability of the market. In
an earlier report, the multinational bank had predicted that
Ethereum could reach $14,000 by 2025, driven by the approval of
Spot Ethereum ETFs. Although Spot Ethereum ETFs have gained
said approval and are now trading, Ethereum’s price remains
significantly below $3,000. Nevertheless, the results of the US
Presidential elections scheduled for November 5, could have a more
bullish impact on Ethereum, potentially triggering a massive run to
new highs. ETH Faces Drop To $1,600 If Key Support Fails
While market experts deliver optimistic projections for Ethereum’s
price, a prominent crypto analyst, Ali Martinez has taken a more
bearish stance, predicting a significant decline for this altcoin
if it fails to hold a crucial support level. Related Reading:
Cardano Price Prediction: Analyst Forecasts ADA Price Rocket To $5
In an X (formerly Twitter) post on Monday, Martinez disclosed that
if Ethereum can stay above the $2,300 support threshold, its price
could breakout to new all-time highs of $6,000. On the other hand,
if the top altcoin fails to maintain this level, it could trigger a
massive drop to the next support at $1,600. As of writing,
the price of Ethereum is trading at $2,432, and a decrease to
$1,600 would represent a massive 34.21% plunge for the
cryptocurrency. Featured image created with Dall.E,
chart from Tradingview.com
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