While Ether has struggled to generate momentum in 2023, Standard Chartered predicts ETH will reach a price of $4,000 in 2024, $8,000 by 2026, and $26,000 long-term.
- As noted last week in a report from JPMorgan, Ether , the second-ranked cryptocurrency by market cap, has struggled to gain momentum in recent months following the network's transition from proof-of-work to proof-of-stake – an upgrade known as “The Merge” – and the subsequent upgrade that allowed staked Ether to be withdrawn for the first time.
“Last week, a total of six futures-based ETH ETFs started trading on U.S. markets following an earlier-than-expected approval by the SEC,” the report said. “However, they failed to attract meaningful volume and boost crypto markets, which remain stuck in a low volume and low volatility regime.” While the largest U.S. bank by assets has its reservations, and Kaiko sees continued weakness in the near term, Standard Chartered remains bullish on the longer-term outlook for Ether, saying the token could see a five-fold increase in price over the next three years.
“Layer 2 scaling solutions … are likely to grow in importance over time,” he said. “This should help in… increasing P/E ratio over the next couple of years.” Bitcoin has also seen a flurry of spot BTC ETF applications filed over the past four months, and the Securities and Exchange Commission is required by law to make its final decision on the ARK 21Shares application in early January 2024. Some analysts have speculated that the regulator will approve all applications at once so as to not give any one product a first-mover advantage.
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