Although analysts at Standard Chartered Bank are optimistic that ETH prices will reach $8000 within two years, other analysts have expressed concerns about the decline in Ethereum activity.After a strong start in October 2023, the world's second largest cryptocurrency, Ethereum (ETH), faced significant selling pressure earlier this week, falling below $1600
Although analysts at Standard Chartered Bank are optimistic that ETH prices will reach $8000 within two years, other analysts have expressed concerns about the decline in Ethereum activity.
After a strong start in October 2023, the world's second largest cryptocurrency, Ethereum (ETH), faced significant selling pressure earlier this week, falling below $1600.
As of the time of publication, ETH's trading price was $1558 and its market value was $187 billion. Popular cryptocurrency analyst Ali Martinez stated that Ethereum prices are relatively stable within a consistent range. It is worth noting that the TD sequential indicator has generated a buy signal near the lower limit of this range, indicating that ETH may recover to $1630.
However, caution must be exercised. If the ETH price closes below the $1530 mark, the bullish outlook may be invalidated.
There are mixed reviews of Ethereum
According to a report by Reuters on Wednesday, October 11th, Standard Chartered Bank expects ETH prices to reach $8000 in the next two years, or reach their highest point by early 2026. This optimistic view is based on Ethereum's expanding influence on traditional assets in the fields of smart contracts, gaming, and tokenization. In addition, Geoff Kendrick, head of foreign exchange research at Standard Chartered Bank, suggests that, driven by emerging real-world use cases, structural valuations will become more ambitious in the long run, reaching a range of $26000 to $35000 by 2040.
However, not everyone is optimistic about the future of Ethereum. According to a report by JPMorgan Chase, the daily trading volume of the Ethereum network decreased by 12% after the upgrade in Shanghai in April. Analysts at the bank, led by Nikolaos Panigrtzoglou, expressed concerns about the decrease in online activity on the platform.
Daily active addresses have significantly decreased by 20%. In addition, the total value of locks on the Ethereum network has decreased by 8%. In addition, the launch of nine Ethereum futures ETFs has also achieved disappointing results. As a result, ETH has been losing to Bitcoin.
Ethereum Price Forecast
As mentioned earlier, Ethereum trading is in the critical demand area of $1530 to $1630. Recently, renowned analyst Benjamin Cowen, known for his precision, expressed his views on Ethereum through his YouTube channel. He predicts that Ethereum, as a widely recognized cryptocurrency, may experience a decline in value by the end of this year.
In my opinion, the most likely outcome is that Ethereum will fall below $1200 or even lower in the next two and a half months, "he pointed out.
However, Ethereum Whale continues to shine, with the top 10 ETH wallets recently adding 40 million ETHs.
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