Standard Chartered still expects Ethereum price to reach $35,000 despite setbacks

Geoffrey Kendrick, head of crypto research at British banking giant Standard Chartered, says that the Ethereum price remains likely to hit its sky-high $35,000 target in the long term.

Banking Giant Standard Chartered saw Ethereum price reaching $35,000

The UK’s leading investment bank first announced its very optimistic target last September. The crypto market was preparing to start another significant rally after a slight correction; Kendrick announced that Bitcoin would peak around $100,000 in early 2022. His prediction was wrong: while Bitcoin managed to hit an all-time high of $69,000 in November, it began a bearish cycle triggered by macroeconomic factors. The largest cryptocurrency is trading slightly below $39,000, underperforming US stocks at press time.

Standard Chartered Principal Cryptocurrency Researcher points out that institutional money continues to flow into crypto despite the sell-off.

Kendrick says that the price of Ether will likely benefit from the upcoming transition to proof of stake. This much-anticipated network upgrade is slated to occur later this year after a series of delays.

The analyst also pointed to Avalanche and Polkadot as the top Ethereum competitors, ignoring Solana.

Last July, one of the units of Standard Chartered announced plans to set up a crypto brokerage to take advantage of the growing institutional demand for cryptocurrencies.

In October, Standard Chartered CEO Bill Winters said that cryptocurrencies are here to stay. He said that it is”perfectly reasonable” for people to invest in non-fiat cryptocurrencies, given that central banks are experimenting with their monetary policy.

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