In the current bear market atmosphere, Ethereum and Bitcoin are struggling together, but this has not stopped people from making bullish predictions about digital assets.The recent bullish forecast comes from British multinational bank Standard Chartered Bank, which believes that Ethereum prices may climb to a higher level of $8000
In the current bear market atmosphere, Ethereum and Bitcoin are struggling together, but this has not stopped people from making bullish predictions about digital assets.
The recent bullish forecast comes from British multinational bank Standard Chartered Bank, which believes that Ethereum prices may climb to a higher level of $8000.
Possible factors that may trigger an increase
Geoff Kendrick, head of digital asset research at Standard Chartered Bank, revealed his forecast for Ethereum prices in a research report.
According to researchers, he believes that there will be significant changes in the future of digital assets, which may climb to over $8000 in the coming years.
When discussing the valuation of the asset, Kendrick pointed out many use cases of Ethereum that have emerged over the years, but over time, more use cases will emerge.
One of them is the highly sought after field of gaming and asset tokenization.
In addition, Standard Chartered Bank researchers have stated that they expect Ethereum to see more growth than the pioneering cryptocurrency Bitcoin.
Although he expects Bitcoin to increase by 3.5 times, they believe Ethereum will increase by 5 times from its current level.
The researchers stated that:
We believe that the path of ETH price increase may take longer than BTC, but we believe that relative to current levels, ETH will eventually reach a higher price multiple than BTC (5.0 times and 3.5 times)
He also believes that Ethereum will continue to further consolidate its dominant position in this field, especially with the emergence of second layer blockchains such as Arbitrum, to enhance network capabilities.
He believes that this will lead to an increase in Ethereum's profit margin (P/E ratio).
Ethereum may rise to over $8000
In terms of actual dollar value, $8000 is not the only number that researchers believe will lead to a decrease in Ethereum prices.
Due to Kendrick's belief that ETH may rise between $26000 and $35000, his expectations for digital assets have exceeded four digits and entered five digits.
As for when this situation will occur, researchers seem to be targeting the next bull market, as they expect the factors driving this value growth to occur between 2025 and 2026.
He stated in the report:
We view the $8000 level as a stepping stone to our long-term 'structural' valuation estimate of $26000 to $35000. In addition, researchers expect prices to continue to rise.
This is not the first time Kendrick has released a bullish forecast for cryptocurrencies.
He previously stated that the expected price of Bitcoin would reach $120000, and the entire cryptocurrency market would also rise.
However, researchers seem to be more optimistic about ETH.
However, not everyone makes bullish predictions about ETH.
A cryptocurrency analyst actually believes that digital assets will further decline.
FieryTrading analysts say the price of Ethereum may drop to $900.
Do you think ETH will fall by $900 or rise to $8000?
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