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Standard Chartered says Ethereum could hit $35,000
Institutional investors are beginning to place their bets on the network growing as a “financial market.” The key theses Ethereum's macro outlook is optimistic, according to banking giant Standard Chartered. Analysts at the company say Ethereum could reach $35,000 and surpass its market cap. Despite the bold prediction, Ethereum suffered a brutal market collapse today. Analysts at Standard Chartered believe Ethereum has more room to run and could even surpass Bitcoin as the number one cryptocurrency by market capitalization. Still, the technicals show that ETH is primed to retrace before pushing further. Standard Chartered says Ethereum is undervalued Standard Chartered has...
Standard Chartered says Ethereum could hit $35,000
Institutional investors are beginning to place their bets on the network growing as a “financial market.”
The central theses
- Der Makroausblick von Ethereum ist laut dem Bankengiganten Standard Chartered optimistisch.
- Analysten des Unternehmens sagen, dass Ethereum 35.000 USD erreichen und die Marktkapitalisierung übertreffen könnte.
- Trotz der kühnen Prognose hat Ethereum heute einen brutalen Markteinbruch erlitten.
Analysts at Standard Chartered believe Ethereum has more room to run and could even surpass Bitcoin as the number one cryptocurrency by market capitalization. Still, the technicals show that ETH is primed to retrace before pushing further.
Standard Chartered says Ethereum is undervalued
Standard Chartered has shared a bullish outlook for Ethereum.
The recent London hardfork of the blockchain brought a lot of attention to ETH. With 224,700 ETHburnedto date and another 7,500,000 tokensblockedWith the ETH 2.0 deposit contracts, many analysts believe a massive supply shock is underway.
Standard Chartered is one of the latest financial institutions to jump the bullish case for Ethereum.In a recent oneTest report, the British banking giant said Ethereum could be considered a “financial market” as it allows users to lend money and earn interest on investments, among many other services. Such immense utility could allow Ethereum to catch up with Bitcoin's market cap, the report said.
The multinational banking and financial services company set a price target of $26,000 to $35,000 for ETH once BTC crosses $175,000, a 1,000% increase from current levels. ETH at $35,000 would give Ethereum a market cap of around $4 trillion, depending on the deflationary effects of its EIP-1559 update.
A pullback before higher highs
Despite the optimistic outlook, Ethereum does not look so bullish from a short-term perspective.
The Tom DeMark (TD) Sequential indicator recently presented a sell signal on the daily chart of Ethereum. The bearish formation developed as a green nine candle, suggesting a one to four daily candle correction before the uptrend resumes.
If confirmed by a daily close below the $3,800 support level, ETH would likely dive towards the 61.8% or 50% Fibonacci retracement level. These critical demand barriers are at $3,350 and $3,050 respectively.
ETH plunged 15% to $3,350 today as the market was rocked by volatility. Bitcoin also fell by over 10%, while many other lower cap assets fell by 20% or more.
Only a daily candlestick closing above the recent high of $4,030 can invalidate the bearish thesis. Under such unique circumstances, Ethereum would signal the resumption of the bull run towards the 127.2% Fibonacci retracement level at $5,115.