Standard Chartered has stated that Ethereum’s price could potentially reach $35,000. This forecast comes at a time when Ethereum has been grappling with the current market downturn alongside Bitcoin. However, this hasn’t deterred bullish price predictions for this digital asset. The latest price prediction comes from the UK multinational bank, Standard Chartered, which believes that Ethereum’s price could increase by over $8,000.
The Factors That Could Trigger This Upward Movement
Geoff Kendrick, the Head of Digital Asset Research at Standard Chartered Bank, revealed his Ethereum price forecast in a research note. According to Kendrick, he envisions significant potential for this digital asset to increase by over $8,000 in the coming years.
Speaking about asset valuation, Kendrick pointed out that there have been numerous use cases for Ethereum in recent years, and he anticipates that more use cases will emerge over time. One such area is the cryptocurrency and gaming sectors, which many are eager to see flourish.
Furthermore, Standard Chartered’s research suggests that they expect Ethereum to outperform the pioneering cryptocurrency, Bitcoin. While they anticipate Bitcoin to increase by 3.5 times, they believe Ethereum will surge by 5 times compared to its current value.
The researcher stated: “We think the path to price appreciation for ETH may take longer than for BTC, but we see ETH ultimately reaching a higher price multiple to BTC from current levels (5.0x versus 3.5x).”
He also believes that Ethereum will continue to assert its dominance in the space, especially with Layer 2 blockchain solutions like Arbitrum emerging to scale the network. He believes this will lead to an increase in Ethereum’s price-to-earnings (P/E) ratio.
Ethereum Could Reach Over $8,000
In terms of the actual dollar value, $8,000 is not the only figure the researcher has in mind for Ethereum’s price. Expectations for this digital asset surpass the four-figure mark, as Kendrick believes that ETH could potentially reach any figure between $26,000 and $35,000.
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As for when this might happen, it seems the researcher is targeting the next upward market cycle, as he expects the factors driving this value growth to occur within the 2025-2026 timeframe. He mentioned in his note: “We view $8,000 as a stepping stone towards our long-term ‘structural’ valuation estimate of $26,000-35,000. After that, we expect prices to continue rising.”
This isn’t the first time Kendrick has made price predictions for cryptocurrencies. Previously, he anticipated that Bitcoin’s price would reach $120,000, and the entire cryptocurrency market would also surge. However, it appears that the researcher is much more optimistic about Ethereum.
Nevertheless, not everyone is making bullish predictions for Ethereum. One cryptocurrency analyst believes that this digital asset may be more prone to a significant decline. In particular, FieryTrading suggests that Ethereum’s price could drop to a minimum of $900.
