Ethereum: Standard Chartered predicts #ETH could hit $35,000
Ethereum (ETH) has been in a downward trend over the past few weeks. The second-largest cryptocurrency by market capitalization fell 5% last week and 2.8% last month. However, banking giant Standard Chartered believes the future of ETH is bright.
According to a recent report from Standard Chartered Bank, the price of ETH could reach $8,000 by 2026. This is an increase of approximately 419% from current levels. The bank’s bullishness stems from Ethereum’s development in smart contracts, games and asset tokenization.
However, Standard Chartered does not expect ETH to stop at $8,000. The bank expects the cryptocurrency to eventually reach $35,000. "We view the $8,000 level as a stepping stone to our long-term 'structural' valuation estimate of $26,000 to $35,000," said Geoff Kendrick, the bank's head of foreign exchange research.
Reaching $35,000 represents an increase of approximately 2172%. But it's worth noting that this forecast takes into account the project's future performance and revenue sources. "This valuation assumes that future use cases and revenue streams may not yet exist, although real-world use cases for gaming and tokenization should support their development," Kendrick said.
He further added that the prediction is "very long-term" and is not expected to happen until 2040.
Ethereum (ETH) has been in a downward trend over the past few weeks. The second-largest cryptocurrency by market capitalization fell 5% last week and 2.8% last month. However, banking giant Standard Chartered believes the future of ETH is bright.
According to a recent report from Standard Chartered Bank, the price of ETH could reach $8,000 by 2026. This is an increase of approximately 419% from current levels. The bank’s bullishness stems from Ethereum’s development in smart contracts, games and asset tokenization.
However, Standard Chartered does not expect ETH to stop at $8,000. The bank expects the cryptocurrency to eventually reach $35,000. "We view the $8,000 level as a stepping stone to our long-term 'structural' valuation estimate of $26,000 to $35,000," said Geoff Kendrick, the bank's head of foreign exchange research.
Reaching $35,000 represents an increase of approximately 2172%. But it's worth noting that this forecast takes into account the project's future performance and revenue sources. "This valuation assumes that future use cases and revenue streams may not yet exist, although real-world use cases for gaming and tokenization should support their development," Kendrick said.
He further added that the prediction is "very long-term" and is not expected to happen until 2040.
