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Standard Chartered Bank: Still Predicts ETH Could Reach $7500 by Year End, Past Two Days Ideal Entry Point
Summary: According to CoinDesk, Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, stated on Tuesday that Ethereum (ETH) and ETH treasury companies are still undervalued at current price levels. Kendrick pointed out that since early June, ETH treasury companies have purchased 2.6% of circulating ETH. Combined with inflows from exchange-traded funds (ETFs) ...
According to CoinDesk, Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, stated on Tuesday that Ethereum (ETH) and ETH treasury companies are still undervalued at current price levels.
Kendrick pointed out that since early June, ETH treasury companies have purchased 2.6% of circulating ETH. Combined with inflows from exchange-traded funds (ETFs) during the same period, the total ETH purchased by both entities reaches 4.9% of the circulating supply, a significant amount.
Despite the substantial inflows, Kendrick emphasized that this is just the beginning. He previously predicted that treasury companies will eventually hold 10% of circulating ETH, a goal that seems entirely achievable.
Despite the recent sharp decline in ETH, Kendrick still stands by his previous prediction, believing Ethereum will reach $7500 by year end. He believes the recent sell-off below $4500 in the past two days has provided investors with an excellent entry point.
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Link: Standard Chartered Bank: Still Predicts ETH Could Reach $7500 by Year End, Past Two Days Ideal Entry Point [Copy]
