Ethereum (ETH) recently reached a new all-time high but has come under sharp price correction. Nevertheless, analysts remain optimistic, suggesting that current levels may present a good opportunity for investors.
Price Decline of Ethereum
Ethereum surpassed $4,900 but then fell to $4,300 during a general market correction. This sharp decline occurred after reaching a new all-time high over the weekend.
Analysts' Optimistic Forecasts
Despite the price drop, analysts, including Geoffrey Kendrick from Standard Chartered, assert that bullish forecasts for ETH remain valid. Kendrick noted that the current pullback presents an excellent opportunity for investment, with their previous target of $7,500 by the end of 2025 still intact.
Future of Ethereum
Kendrick highlighted that Ethereum treasury companies and ETFs have purchased 4.9% of the circulating ETH since June, creating significant demand. He believes that ETH is still undervalued and has high growth potential ahead. The analyst emphasized that ETH treasury companies offer more growth potential compared to BTC treasury companies.
Despite the recent correction, the outlook for Ethereum remains promising. Analysts stress the significance of corporate purchases, which may contribute to ETH's future growth.
