Ether may eventually be worth $35,000: Standard Chartered
Analyst Geoff Kendrick explains his bullish outlook on Ether. Ethereum expects to regain its dominance in smart contracts. Kendrick sees new issues as a catalyst for price appreciation.
Ether has been in a downtrend over the past three months, but Standard Chartered analysts remain bullish on the cryptocurrency.
The bull case for ether
Jeff Kendrick expects Ether to reach $8,000 by the end of 2026, which translates to a whopping 5x growth in three years.
The analyst is sure that Ethereum will regain its dominance in smart contracts. New use cases, he said in a research note this morning, will help drive the price forward.
Layer 2 dimensional solutions… can grow in importance over time. This should help increase it. [EHT’s] P/E ratio over the next two years.
Earlier this month, Grayscale filed with the Securities and Exchange Commission to convert the Ethereum Trust — the world's largest ether investment vehicle — into a spot ETH exchange.
Layer 2 can understand the PE ratio.
Layer 2 solutions are built on top of Ethereum for efficiency.
The likes of Arbitrum and Optimism also help prevent transactions from being diverted to a competing network – which should ultimately add up to a higher price-to-income ratio, as noted by Geoff Kendrick.
Ethereum dominance in smart contract platforms; [and] With new uses in gaming and tokenization, ETH has the potential to push to $8,000.
Interestingly, the Standard Chartered analyst said that the cryptocurrency could eventually be worth between $26,000 and $35,000, but that this assessment assumes revenue streams and uses cases that have yet to materialize.
