In a bold and optimistic projection, Standard Chartered Bank has made headlines by suggesting that Ethereum’s native cryptocurrency, Ether (ETH), could reach a staggering $8,000 by the end of 2026. This ambitious forecast comes at a time when Ether’s price is hovering just below $1,600, raising eyebrows and piquing the interest of cryptocurrency enthusiasts and investors. Geoff Kendrick, the Head of FX Research, West, and Digital Assets Research at Standard Chartered, outlined the basis for this bullish prediction. While Ethereum’s primary uses currently revolve around non-fungible tokens (NFTs) and decentralized finance (DeFi), Kendrick believes that the network’s evolution towards gaming and tokenization will be key drivers behind Ether’s potentially remarkable price growth. He asserted that these emerging applications will bring about “significant demand” for Ether. Standard Chartered’s optimism extends beyond Ether’s immediate future. The bank anticipates that by 2025-26, real-world industries will leverage Ethereum’s capabilities, marking a pivotal point in the adoption of blockchain technology for practical applications. This bullish forecast doesn’t rest solely on potential use cases. Kendrick also sees short-term catalysts, as he expects the Bitcoin (BTC) halving event in April 2024 to benefit the broader cryptocurrency market. Under this influence, Kendrick envisions Ether achieving a price of $4,000 by the close of 2024. Looking further into the future, Kendrick regards the $8,000 level as merely a “stepping stone” towards a more comprehensive “structural” valuation estimate of $26,000-$35,000. This suggests that Ether could continue to appreciate significantly beyond 2026, provided that these projections come to fruition. While the crypto space is characterized by volatility and unpredictability, Standard Chartered’s outlook for Ether underscores the potential for substantial growth and innovation within the Ethereum ecosystem. As Ether continues to gain traction and expand its use cases, will the path to $8,000 not be as far-fetched as it seems? Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions. Follow us on Twitter
Standard Chartered Forecasts Ether at $8,000 by 2026: A Fivefold Price Surge
