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Analysts at the British multinational bank Standard Chartered have predicted that the ethereum (eth) price could potentially rise to $10,000 in response to anticipated political changes taking place after thebitcoin-and-crypto-stance-as-important-factors-in-upcoming-us-elections/” rel=”nofollow”> upcoming United States (US) presidential election.
Standard Chartered predicts ethereum will reach $10,000
In a research note from the director of Chartered Standard crypto research, Geoffrey Kendrick, ethereum could see dramatic rise to $10,000 ifcrypto-voters-prefer/” rel=”nofollow”> donald trumpThe former president of the United States wins the next election.
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Delving into the potentialcrypto-voters-pledges-free-silk-road-founder/” rel=”nofollow”> impact of a Trump administration on the future of the digital asset industry, Kendrickx.com/gems_mine/status/1843865092347105719?s=46″ rel=”nofollow”> predict that both ethereum and Solana (SOL) will significantly outperform bitcoin (btc), reaching new all-time highs. The report suggests that changes in a country's political regime tend to have a significant impactbitcoin/” rel=”nofollow”> influence on the trajectory of major digital assets over time.
Based on this observation, Kendrick hopes Solana will significantly exceed 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 victory could change the market dynamics, which could lead to even greater gains and adoption for its competitor, Solana.
On the other hand, if the current Vice President of the United States, Kamala Harris win the next election, Kendrick's report projects that ethereum could rise to $7,000, marking a 30% or $3,000 drop from the projected target of $10,000 under a Trump administration. However, under Harris' leadership, ethereum will solidify its position as the leading altcoin. potentially outperforming bitcoin and Solana in profits.
Importantly, Standard Chartered has reduced its previous forecast for ethereum by almost 50%, underscoring the volatility and unpredictability of the market. in aethereum-price-reach-14000/amp/” rel=”nofollow”> previous reportThe multinational bank had predicted that ethereum could reach $14,000 by 2025, boosted by the approval of ethereum Spot ETF.
Although ethereum Spot ETFs have gained such approval and are now trading, the price of ethereum remains significantly below $3,000. However, the results of thebitcoin-and-crypto-stance-as-important-factors-in-upcoming-us-elections/” rel=”nofollow”> United States presidential election scheduled for November 5, could have a more bullish impact on ethereum, potentially triggering a massive run to new highs.
eth Faces Fall To $1,600 If Key Support Fails
While market experts offer optimistic projections for the price of ethereum, a prominent crypto analyst, Ali Martínez, has taken a more bearish stance, predicting a significant drop for this altcoin if it fails to maintain a crucial support level.
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In an x (formerly twitter)x.com/ali_charts/status/1843392605486510590?s=46″ rel=”nofollow”> mail On Monday, Martínez revealed that if ethereum can stay above the $2,300 support threshold, his the price could break to new all-time highs of $6,000. On the other hand, if the top altcoin fails to hold this level, it could trigger a massive drop to the next support at $1,600.
At the time of writing, ethereum price is trading at $2,432, and a decline to $1,600 would represent a massive 34.21% drop for the cryptocurrency.
Featured image created with Dall.E, chart from Tradingview.com
