Crypto News– Standard Chartered, an international bank, has put forth a rather ambitious price forecast for Ethereum, the second-largest cryptocurrency in the world. However, this prediction seems to be brimming with optimism when considering the current state of the market. So, how likely is it to become a reality?
Is Standard Chartered Ethereum Price Forecast of 8,000 Dollars Feasible?
In an announcement made on October 11, Standard Chartered analysts projected that Ethereum’s price could reach $8,000 by the conclusion of 2026. Geoff Kendrick, the head of the bank’s digital assets research, mentioned that as Ethereum continues to gain prominence in smart contracts, gaming, and the tokenization of traditional assets, its price is anticipated to experience a significant surge.
Ethereum (ETH) Market Forecast
Ethereum’s most recent cycle reached a low point of approximately $1,000 in June 2022. To attain the bank’s projected price of $8,000 during the upcoming bullish market, Ethereum would need to register a gain of just 700%.
This scenario appears rather feasible when you take into account the patterns observed in previous market cycles.
Nonetheless, the significant Ethereum (ETH) price projection appears to be quite remote when considering its present market performance.
ETH is currently trading with minimal changes on the day at $1,561, following a decline of approximately 5% over the past week. Ethereum is currently teetering around support levels and is at its lowest price point since experiencing a significant drop in mid-March.
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