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Standard Chartered, one of the world’s reputable banks, has shared its prediction that Ethereum, the cryptocurrency of the Ethereum blockchain, could reach $8,000 by the end of 2026. This expectation has pleased Ethereum investors.
Will ETH Price Rise?
According to a report published by Standard Chartered Bank, the price of Ethereum could increase fivefold from its current level of $1,560 by 2026. The bank report emphasized the different features of Ethereum, highlighting its dominance among smart contracts and the versatility of the Ethereum network.
The report stated:
We believe that Ethereum’s established dominance in smart contract platforms, along with its use in gaming and tokenization, has the potential to elevate ETH to $8,000 by the end of 2026.
Currently, NFTs and DeFi are the prominent use cases for Ethereum. Additionally, Kendrick believes that adoption of cryptocurrencies in other areas such as gaming could create significant demand for Ethereum.
Standard Chartered stated that technical developments such as proto-danksharding, which could reduce transaction fees in Ethereum, could contribute to price increase. The bank noted that this potential development would reinforce Ethereum’s dominance in the smart contract field and consequently increase its price-to-earnings ratio in the next few years, even without earnings.
The Impact of Bitcoin Halving on Ethereum
According to Kendrick, the potential Bitcoin halving event expected to occur in 2024 should create an upward trend in cryptocurrencies, particularly in Ethereum. Considering the correlation between Bitcoin and altcoins, this could be possible, leading to a bullish environment for Ethereum.
Subsequently, potential regulations in the United States and spot ETFs should benefit ETH as much as BTC; we estimate this to happen towards the end of 2024, after the US elections. This would lead Ether to reach $4,000 by the end of next year.
According to Kendrick, if Ethereum can reach the $8,000 target, it could open another door. According to the famous personality, the first obstacle to achieving the long-term target of $26,000 to $35,000 lies at this point.
