Standard Chartered Bank raised its forecast for the price of Ethereum by the end of the year to $7,500 instead of $4,000 on Wednesday, based on improved interaction in the sector and an increase in cryptocurrency holdings over recent months.
The bank's new target represents a premium of about 60% above the highest level Ethereum has recorded in more than three and a half years, which was $4,700 on Wednesday. The second largest cryptocurrency in the world is the preferred choice for those seeking more active returns, unlike Bitcoin, which relies solely on price increases, as Ethereum can be used in staking, a practice where token holders lock up their tokens to support the Ethereum network in exchange for rewards.
