Standard Chartered Claims Ethereum (ETH) Price Can Reach $35K
Standard Chartered has issued positive price projections for the Ethereum native token ETH. At present, the crypto market has continued its bearish streak with Bitcoin trading at less than half of its ATH in November 2021.
However, analysts at Standard Chartered have continued to issue bullish predictions for various virtual currencies during the last few weeks. The bank has retained that the Ethereum native token can break out of $8000 price point.
The prediction was issued by Geoff Kendrick working as head of digital asset research at Standard Chartered. He shared his ETH price predictions in the latest research report that claims that Ethereum has the chance to get a price point higher than $8000 in the future.
Ethereum’s Utilities will Increase in the Future
The analyst claimed that Ethereum has many practical use cases and has continued to upgrade its utility over the years. At the same time, he retained that one of the sectors likely to develop in the future is gaming and tokenization.
Talking about the price projections for tokens on Ethereum blockchain, Kendrick claimed that Ethereum is likely to see more growth in comparison to Bitcoin. He claimed that Bitcoin prices are set to increment by 3.5x while the projection for Ethereum price appreciation is set at 5 times in comparison to the existing level.
Ethereum can Outrun Bitcoin
He also claimed that the path for Ethereum price realization is likely to take a long time but the bank official retained that ETH price ratio can outrun BTC in comparison to the existing price point.
He also claimed that ETH market dominance is going to grow bigger with an emphasis on layer 2 blockchain solutions such as Arbitrum. It is important to note that layer 2 solution have gained more popularity recently on account of their ability to enhance performance for a blockchain without making changes to its foundational infrastructure.
The analyst retained that such an event will increase the profit-earnings ratio or P/E ratio for ETH token. In addition to the $8000 price point, the researcher also claimed that ETH prices can start trading from four to five digit price point.
Standard Chartered’s ETH Price Prediction
The analysts at Standard Chartered also mentioned that ETH prices can reach a high price point reaching as far as $26K and $35K territory. He claimed that the price for ETH is going to progress from a 4 digit price point into a five digit area.
He has issued various bullish price predictions for ETH tokens however the analyst has retained that the time for ETH token to attain the projected value-growth can extend to 2025-2026.
He has identified $8000 price point as the consolidating point for the position price projection of ETH that will warrant its transition into five digit score. Kendrick has issued positive price projections for other cryptocurrencies.
He recently noted that Bitcoin is heading for a $120k price point with the remaining altcoin markets also rising. However, the analyst has retained a greater bullish stance on ETH.
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