Standard Chartered Analysts Just Revised Its $7,500 Ethereum Target, Here’s The New Prediction | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Analysts at Standard Chartered have revised their long-term Ethereum target from $7,500, following the altcoin’s resurgence. They also outlined reasons why they are bullish on ETH, including the network’s dominance as the foremost layer-1 blockchain

Standard Chartered Predicts Ethereum To Reach $25,000 By 2028 Year-End

According to a Reuters report, Standard Chartered has raised its 2028 year-end target for Ethereum from $7,500 to $25,000. Meanwhile, the bank also raised its year-end target from $4,000 to $7,500. Analysts at the firm noted an improvement in industry engagement and an increase in holdings of ETH in recent months

Related Reading: Ethereum Price To Surge To $8,500? The Mechanics Of The Current Bull RunEthereum has surged over 81% in the last three months and has recently rallied to a new yearly high of around $4,700. With this, the altcoin now has its current all-time high (ATH) of $4,891 in sight, which it reached way back in 2021. Standard Chartered believes that Ethereum’s dominance as the foremost blockchain, which processes the most stablecoin transactions, will help provide a boost for ETH’s price

The firm’s head of digital assets research, Geoff Kendrick, said that the stablecoin sector would grow 8 times by the end of 2028. He noted that this would have a significant direct impact on fees on the Ethereum network. Therefore, they expect ETH’s demand to surge massively as more people use stablecoins on the network

In line with this, Kendrick said that ETH’s long-term growth depends on the usage of its layer-1 (and not layer-2s) for high-value transactions, especially those that have ties to traditional finance. The analyst remarked that a big boost in the network’s capacity could help achieve this

Experts such as BitMine’s Tom Lee have already stated that Ethereum will be the network of choice as the tokenization hype heats up. Lee explained that the network has legal clarity and has never had downtimes like some of its competitors

ETH Treasury Companies Could Hold 10% of Total Supply

The Standard Chartered analyst also declared that Ethereum treasury companies have the potential to hold 10% of all ETH in circulation. These companies are expected to provide massive demand for the altcoin, which could also contribute to higher prices. Tom Lee’s BitMine, the largest ETH treasury firm, has already declared its intention to hold 5% of the total supply

Related Reading: Market Expert Says Sell All Ethereum By October, Here’s WhyThe company recently filed a $20 billion stock offering, with plans to use the net proceeds to advance its Ethereum strategy. Other companies like SharpLink Gaming and the Ether Machine are also actively raising capital to buy more ETH. Notably, Bitwise CIO Matt Hougan recently asserted that a supply shock is coming for the altcoin thanks to these companies and the ETFs.

At the time of writing, the Ethereum price is trading at around $4,733, up over 2% in the last 24 hours, according to data from CoinMarketCap.

ETH trading at $4,741 on the 1D chart | Source: ETHUSDT on Tradingview.comFeatured image from Adobe Stock, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.