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Ethereum Price Forecast: Standard Chartered Eyes $7,000 by Year’s End

Source Newsbtc

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has made a significant comeback with a 29% surge over the past week, approaching all-time high (ATH) levels.

Ethereum’s price performance has prompted Standard Chartered, one of the UK’s largest financial institutions, to significantly revise its price projections for the cryptocurrency.

Ethereum Consolidates 4% Below All-Time Highs

Currently, the Ethereum price is consolidating above the $4,600 level, which could serve as a crucial support point as if ETH breaks through its previous all-time high of $4,878 reached in 2021, it may enter a new phase of price discovery.

Presently, a mere 4% gap separates Ethereum’s current price from that record, but analysts at Standard Chartered, led by Geoff Kendrick, are optimistic for a new bullish phase for the cryptocurrency.

They forecast a bullish trend that could nearly double the Ethereum price by the end of the year, raising their year-end target from $4,000 to $7,500. Furthermore, they have set an ambitious 2028 target of $25,000 for ETH.

Several key factors underlie this optimistic outlook. Firstly, the recent approval of Ethereum spot exchange-traded funds (ETFs) has led to significant market activity.

Ethereum ETFs recently recorded $1 billion in inflows, marking the largest daily influx to date. Year-to-date, these exchange-traded funds tracking ETH’s price have attracted $8.2 billion, representing around 1.5% of Ethereum’s market capitalization.

Additionally, legislative progress in the United States, particularly with the passage of the GENIUS Act and the CLARITY Act, has bolstered Ethereum’s prospects.

These developments are expected to enhance liquidity in the Ethereum ecosystem, as a substantial portion of stablecoins—often considered a stealth bullish driver for ETH—are issued on the Ethereum blockchain.

Currently, major stablecoins like USDC, issued by Circle (CRCL), and USDT, developed by Tether, primarily operate within Ethereum’s ecosystem, further supporting the altcoin’s price performance.

Greater Impact From Institutional Investments

Beyond these bullish developments, there is a growing trend among public companies adopting Ethereum treasury strategies similar to those employed by Strategy (formerly MicroStrategy) with Bitcoin (BTC).

As reported by NewsBTC on Tuesday, approximately 865,000 ETH is now held by these companies, reflecting a broadening interest from institutional investors looking to capitalize on Ethereum’s long-term potential.

Adding to the bullish sentiment, analyst VirtualBacon has shared forecasts suggesting that if Bitcoin approaches $150,000 and the ETH/BTC ratio rises to 0.044, Ethereum could reach prices between $6,000 and $7,000 this year.

The analyst noted in a social media post on X (formerly Twitter), that Ethereum’s smaller market capitalization means that each dollar from institutional investors has a more pronounced effect on its price compared to Bitcoin.

VirtualBacon identifies $3,350 as a potential floor for ETH, unless Bitcoin experiences a significant downturn. He emphasizes that the pivotal moment for Ethereum will be clearing the $4,850 resistance level, which could quickly propel ETH above $6,000.

As of this writing, ETH trades at $4,636, registering a 4.3% surge in the 24-hour time frame.

Featured image from DALL-E, chart from TradingView.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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