According to Standard Chartered Bank, the price of Ethereum blockchain's native cryptocurrency, Ethereum (ETH), may rise from around $1600 to $8000 by the end of 2026.We believe that Ethereum's established dominant position in smart contract platforms, as well as its emerging applications in gaming and tokenization, may push ETH to the level of $8000 (five times the current price of $1600) by the end of 2026, "said Geoffrey Kendrick
According to Standard Chartered Bank, the price of Ethereum blockchain's native cryptocurrency, Ethereum (ETH), may rise from around $1600 to $8000 by the end of 2026.
We believe that Ethereum's established dominant position in smart contract platforms, as well as its emerging applications in gaming and tokenization, may push ETH to the level of $8000 (five times the current price of $1600) by the end of 2026, "said Geoffrey Kendrick. The head of foreign exchange and cryptocurrency research at Standard Chartered Bank stated in a report on Wednesday.
Kendrick stated that the expected $8000 threshold for ETH is seen as a first step towards the bank's previously mandated "long-term structural valuation" range of $26000 to $35000. Kendrick stated that although long-term valuation assumptions suggest that Ethereum's future use cases and revenue streams may not yet exist, the real use cases of gaming and tokenization should support their development.
Ethereum consolidates its dominant position
Kendrick stated that Ethereum's Layer 2 expansion network may also grow, mainly due to upcoming technological upgrades such as proto banking, which will help reduce transaction costs on these platforms. He added that this in turn should "help consolidate Ethereum's dominant position in the field of smart contracts, thereby increasing its P/E ratio (if not profitability) in the coming years.
Kendrick stated that the upcoming halving of Bitcoin around April 2024 should also help all digital assets, especially the second largest cryptocurrency ETH. He added, "Subsequently, potential regulatory and spot ETFs in the United States should benefit both ETH and BTC; we expect this to happen by the end of 2024, after the US election
Kendrick stated that all of these factors may push the ETH price to the end of 2024 to $4000, which is still below the previous peak price of $4866 reached by ETH at the end of 2021.
In April of this year, Kendrick boldly estimated that Bitcoin prices would reach $100000 by the end of 2024, and stated that "the winter of cryptocurrencies has finally come to an end". The current price of Bitcoin is approximately $27300.
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