Standard Chartered (OTC:SCBFF) analysts, including Geoffrey Kendrick, have forecasted a substantial rise in the price of Ethereum, from its current value of $1,562 to an impressive $8,000 by 2026. This projection was made today and is based on factors such as Ethereum's expanding use case, the rise of the tokenization and gaming industries, and anticipated upgrades like proto-dank sharding.
The analysts believe that these factors could potentially elevate Ethereum's market cap from its current $157 billion to over $960 billion. They also set a long-term valuation range of $26,000 to $35,000 for Ethereum and a $120,000 price target for Bitcoin by 2024.
This bullish prediction comes despite recent concerns raised by JPMorgan Chase (NYSE:JPM) analysts about a 12% reduction in daily transactions, a 20% decrease in daily active addresses, and an 8% drop in total value locked on the Ethereum network following the April Shanghai upgrade. They also noted the underperformance of nine Ether futures ETFs.
However, the TD Sequential indicator suggests a potential rebound to $1,630 for Ethereum if it doesn't close below the critical price point of $1,530. This optimistic outlook is further strengthened by Ethereum's recent real-world adoption in the gaming and asset tokenization sectors.
The financial analyst Crispus expects significant developments in these areas by 2025-26. The imminent Bitcoin halving and potential approval of a spot Bitcoin ETF could further propel growth. This could lead to an Ethereum ETF approval, providing further momentum.
The Ethereum Foundation's recent sale of 1,700 ETH coins worth $2.7 million caused a temporary price drop below $1,600. However, this didn't dampen Kendrick's bullish prediction of a fivefold rally to $8,000 by 2026.
However, Ethereum's transition from Proof of Work (PoW) to Proof of Stake (PoS) could face regulatory challenges. There are also concerns about network centralization. These potential hurdles will need to be addressed as Ethereum advances towards its projected price target.
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