Some Stan Chartered experts think Ethereum’s price will reach $8,000 in two years. But, there are also people who are worried about a drop in Ethereum’s activity.
In early October 2023, Ethereum (ETH), the second-largest cryptocurrency in the world, had a strong start but then faced a lot of selling, causing its price to drop below $1,600.
Right now, ETH is trading at around $1,558, with a total value of $187 billion. A well-known crypto analyst, Ali Martinez, noted that the price of Ethereum has been staying within a certain range. Importantly, an indicator called TD Sequential has shown a buy signal near the lower end of this range, suggesting that ETH could go up to $1,630.
However, it’s important to be careful. If the price of ETH falls below $1,530, it could make the positive outlook less reliable.
Differing Opinions on Ethereum
According to a report from Reuters on October 11, Standard Chartered Bank has high hopes for Ethereum (ETH). They think its price could reach $8,000 in the next two years, or at the latest, by early 2026. They’re optimistic because Ethereum is getting more popular for things like smart contracts, gaming, and representing traditional assets as digital tokens. Geoff Kendrick, who’s the Head of FX Research at Standard Chartered, even suggests that Ethereum could be worth much more in the long term, possibly between $26,000 and $35,000 by 2040, thanks to its use in the real world.
However, not everyone is as positive about Ethereum. After an upgrade called the Shanghai upgrade in April, the number of transactions on the Ethereum network dropped by 12%, according to a report from JPMorgan Chase. Analysts at the bank, led by Nikolaos Panigirtzoglou, are worried about this decline in network activity.
There was also a significant 20% decrease in the number of active Ethereum addresses, and the total value of assets locked on the Ethereum network fell by 8%. Even the introduction of nine Ether futures ETFs didn’t perform as well as expected. As a result, Ethereum has been losing ground to Bitcoin.
Ethereum Price Forecasts
Ethereum’s price is currently in a critical range, somewhere between $1,530 and $1,630. A well-known analyst named Benjamin Cowen, who’s known for making accurate predictions on his YouTube channel, thinks that Ethereum might lose value by the end of this year.
He believes that the most probable scenario is that Ethereum’s price could drop to under $1,200 in the next two and a half months, possibly even lower.
However, big Ethereum holders, often called “whales,” have been showing their confidence in the cryptocurrency. The top 10 largest Ethereum wallets have recently added 40 million more Ethereum to their holdings.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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