Ether, the second-largest cryptocurrency, may more than fivefold in value by the end of 2026, according to global bank Standard Chartered (STAN.L), its latest ETH prediction sees the cryptocurrency's price skyrocket.
○°ETH Price Prediction May Increase Rapidly
“Ether will probably reach US$8,000 in the next two years as it is increasingly used in blockchain-based agreements known as “smart contracts,” as well as in the gaming and “tokenization” industries of traditional assets, according to Geoff Kendrick, Head of StanChart West Region FX Research.
Even though the ETH price prediction is quite significant, on Wednesday (11/10/2023), Ether was trading at around US$1,575.
Assessing the value of cryptocurrencies is fraught with difficulties, because tokens such as ether or bitcoin that are not backed by traditional assets lack the metrics used to value stocks, bonds, or currencies. Crypto token prices are generally influenced by investor sentiment.
“We see the US$8,000 level as a stepping stone towards our long-term ‘structural’ forecast of around US$26,000-US$35,000,” wrote Kendrick, who also leads the bank's digital asset research.
“The valuation assumes future use cases and revenue streams that may yet emerge, although real-world use cases in the gaming and tokenization industries should support these developments,” he added.
Kendrick told Reuters that this ETH price prediction estimate is a structural assessment that applies to “the very long term, around 2040.”
Previously, ETH had experienced an increase of around 30 percent this year, although it was still almost 70 percent below its all-time high of around US$4,869, which was reached in November 2021, quoted by Reuters.
StanChart said in July that the top crypto token, bitcoin, could reach US$50,000 this year and US$120,000 by the end of 2024. Currently, Bitcoin last traded at around US$27,275.
○°Outlook Pasar ETH
However, these huge ETH price predictions seem very far from reality when looking at current market movements.
ETH traded flat today at US$1,561 after falling around 5 percent over the past week, quoted from Beincrypto.
Currently, Ethereum is around the support level and at its lowest price since falling sharply in mid-March.
Additionally, the asset is now down about 68 percent from its high nearly two years ago. So, investors and traders can wait to see whether the ETH price prediction can come true or not.
