After the successful initial $4,000 forecast, Standard Chartered is upping the stakes to $7,500 for Ethereum (ETH). The largest Proof of Stake (PoS) altcoin swung closely by its all-time peak of $4,878 today, currently topping at $4,779, according to CoinGecko.
Genius & Clarity Acts Send Ether Mooning
Presently, the British brokerage company is projecting the stablecoin sector to grow 8 times by end-2028, a spokesperson told Reuters. Naturally, Ether (ETH), the underlying asset behind Ethereum’s Layer-1 blockchain, is poised to be a major player in the stablecoin market, as most dollar-pegged stablecoins like USDT & USDC are running on the chain.
The recent passage of the Genius & Clarity Acts in the United States (USA) ignited a bull run for most major-cap altcoins, but Ethereum (ETH) outshined the competition with a 58% uptick in 30 days. With a whopping trading volume of over $51 billion on Thursday, ETH is just a 3.6% distance away from a brand new all-time price record.
More ETH Up For Grabs For Crypto Whales
Meanwhile, no signs of profit taking have occurred on the daily charts. The readings on Ethereum’s technical charts suggest that crypto whales are heavily into buying Ethereum (ETH) at $4,700, as the Chaikin Money Flow (CMF) meter floats above 0.33. On top of that, one freshly arrived crypto whale spent over $17 million to acquire 3.606K ETH coins from Binance.
Even though the top altcoin’s price is slightly on the overbought side, the bullish wave carries on with positive numbers in the Bull Bear Power (BBP) meter. This is due to the restored relevancy in the crypto market, as ETH/BTC pair has now soared to 0.388, matching the energy of December 2024 bull run, when Ethereum’s price topped at $4,000 twice.
On The Flipside
- Crypto predictions by Standard Chartered take into account capacity, demand & the chain’s technical capabilities.
- However, there’s outside factors such as global economic crisis or natural disasters that can affect the price.
Why This Matters
Ethereum’s popularity has grown across both institutional and retail sectors, offering vast scalability & staking opportunities that the flagship crypto asset Bitcoin can’t.
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People Also Ask:
Standard Chartered cites Ethereum’s strong fundamentals, including its role in DeFi and NFTs, growing institutional adoption, and expected network upgrades boosting scalability and demand.
Key drivers include Ethereum’s staking rewards, increased smart contract usage, layer-2 scaling solutions, and broader crypto market growth, especially if Bitcoin continues its bullish trend.
Yes, risks like regulatory crackdowns, network congestion, high gas fees, or market volatility could hinder Ethereum’s growth, potentially keeping it below the $7.5K mark.
The forecast is plausible given Ethereum’s historical growth and market trends, but it assumes favorable conditions. Past predictions from Standard Chartered have been optimistic yet grounded.
Track Ethereum’s progress through trusted crypto news platforms like Ciphera, which provides in-depth analysis, market trends, and updates on Ethereum’s performance and forecasts.
