While Bitcoin (BTC) continues to show dramatic swings with large green and red candles on the 15-minute chart, altcoins are being significantly affected during this period. Meanwhile, former President Trump’s ongoing attacks on the Federal Reserve have weakened stock prices, leading silver and gold to reach new highs. We are amid an eventful and unpredictable week; at the time of writing, Ethereum (ETH) is struggling to maintain a level above $3,100. Standard Chartered has updated its Ethereum price target for 2029 during this tumultuous phase.
Standard Chartered’s Ethereum Forecast
Standard Chartered’s researchers, who have a deep involvement in cryptocurrencies, have released their new long-term projections. They have made a bold prediction, which can be seen as rather ambitious considering the current state of Ether. Analysts have set a target of $30,000 for 2029. By revising their previous target upwards, the analysts are building this prediction not on cycle timing but rather by referencing Ethereum’s role in the global on-chain finance sector.
Although this ambitious prediction, like previous ones, might not come to fruition, the motivation behind Standard Chartered’s optimism about further increases stems from their belief in blockchain-based finance. Over the next five years, ETH may embrace its assigned role, or we could witness alternative networks suddenly dominating the RWA and tokenization sector.
As we look to the future, Ethereum currently holds a leading position, and it would not be easy for it to lose this status. Nearly all institutional finance sectors operating in this field have introduced products connected to Ethereum. Even JPM is collaborating with Chainlink to transfer assets from its private network to the Ethereum mainnet, while giants like BlackRock issue their tokenized bonds on the Ethereum network.
The above chart shows the interest of crypto reserve companies in ETH. Although there is a narrative around BitMine, the growth of ETH DAT reserves continues vertically.
Altcoins Showing Bullish Signals
Following extreme sell-offs, altcoins briefly began the new year with a rise before stalling again. However, analyst Moustache points out the MACD crossover, indicating, as before, that this is a signal of significant gains across the altcoin landscape.
“An upward-trending MACD crossover has occurred in altcoins.
Whenever TOTAL2 achieves a bullish crossover in the MACD, altcoins have always gained 100% or more.”
