ethereum has struggled alongside bitcoin during 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 ethereum price could rise more than $8,000.
Factors that could trigger the increase
Geoff Kendrick, head of digital asset research at Standard Chartered Bank, revealed his forecast for the price of ethereum in a research note. According to the researcher, he sees great things in the future of the digital asset, which could exceed $8,000 in the coming years.
Speaking of the asset’s valuation, Kendrick points out 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 them is the much coveted asset and gaming tokenization sector.
Furthermore, the Standard Chartered researcher said that they expect ethereum to see greater growth than the pioneering cryptocurrency, bitcoin. While he expects bitcoin to rise 3.5x, they believe ethereum will rise 5x from current levels.
“We believe the path up 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 vs. 3.5x),” he said. the investigator.
He also believes that ethereum would continue to register its dominance in the space, especially with Layer 2 blockchains like Arbitrum that have emerged to enhance the network. He believes this would lead to an increase in ethereum‘s earnings-to-earnings ratio (P/E ratio).
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Standard-Chartered-Says-Ethereum-Price-Can-Hit-35000-Heres-When" alt="Tradingview.com ethereum Price Chart (Standard Chartered)” width=”2804″ height=”1746″ loading=”lazy”/>
eth price succumbs to bear pressure | Source: ETHUSD on Tradingview.com
ethereum could surpass $8,000
In terms of actual dollar values, $8,000 is not the only figure the researcher dropped for the price of ethereum. Expectations for the digital asset exceed this four-digit figure and reach the five-digit territory, as Kendrick believes eth could rise to between $26,000 and $35,000.
As for when this could happen, the researcher seems to be pointing to the next bull market, as he expects the factors that will drive this growth in value to occur between 2025 and 2026. “We consider the $8,000 level as a stepping stone towards our estimate long-term ‘structural’ valuation of $26,000-$35,000,” he said in the note. Beyond this, the researcher expects the price to continue increasing.
This is not the first time that Kendrick has published a bullish prediction for cryptocurrencies. He previously ethereum-will-trade-for/” rel=”nofollow”>saying He expects the price of bitcoin to reach $120,000 and the entire cryptocurrency market to rise as well. However, it seems that the researcher is much more optimistic about eth.
However, not everyone has provided bullish forecasts for eth. One crypto analyst actually believes that the digital asset is destined for further decline. In the analyst, FieryTrading suggests that the price of ethereum could fall as low as $900.
