Standard Chartered has significantly updated its year-end price target for Ethereum, forecasting a new price of $7500.
Optimistic Forecast from Standard Chartered
Standard Chartered has raised its end-of-year forecast for Ethereum to $7500 from the previous $4000 and projects $25000 by 2028. This upward revision reflects corporate reserve accumulation plans and highlights Ethereum's growing role in tokenization trials, stablecoin payments, and Layer-2 scaling solutions.
Current State of Ethereum
Currently, Ethereum is trading around $4636, with technical indicators showing a resistance level at $4800. Over the past 24 hours, ETH has surged by 7.95%, and weekly gains are around 28%. The market capitalization of Ethereum is approximately $560 billion.
Factors Influencing Price Growth
Standard Chartered's assessment also considers improvements in staking liquidity and institutional custody solutions, which are vital for Ethereum's long-term resilience. The bank notes purchase plans from various companies totaling around $30.4 billion, which adds optimism for the future.
In conclusion, Standard Chartered's new forecast suggests a potential rise for Ethereum, driven by increasing interest from large investors and improved market conditions.
