Standard Chartered, a British multinational bank, has made a bold prediction regarding the price of Ethereum (ETH), suggesting that it could reach an impressive $10,000 in response to the upcoming United States Presidential elections. The head of Standard Chartered’s crypto research, Geoffrey Kendrick, believes that if former US President Donald Trump is re-elected, Ethereum could experience a significant surge in value.
Kendrick’s research note also delves into the potential impact of a Trump administration on the digital asset industry, suggesting that both Ethereum and Solana (SOL) could outperform Bitcoin (BTC) and reach new all-time highs. The report emphasizes the influence of political changes on the trajectory of leading digital assets over time.
Under a Trump regime, Kendrick expects Solana to outperform Ethereum significantly. While Ethereum may maintain its position as the top altcoin by market capitalization, a Trump victory could lead to even higher gains and adoption for Solana. On the other hand, if current US Vice President Kamala Harris wins the election, Kendrick predicts that Ethereum could still see a substantial increase, potentially reaching $7,000.
It’s worth noting that Standard Chartered has revised its earlier forecast for Ethereum by nearly 50%, highlighting the volatility of the market. Despite earlier predictions of Ethereum reaching $14,000 by 2025 with the approval of Spot Ethereum ETFs, the cryptocurrency is currently trading below $3,000. However, the outcome of the upcoming US Presidential elections could have a bullish impact on Ethereum, potentially driving it to new highs.
While some experts are optimistic about Ethereum’s future, crypto analyst Ali Martinez has a more bearish outlook. Martinez warns that if Ethereum fails to hold a crucial support level at $2,300, it could face a significant drop to $1,600. As of now, Ethereum is trading at $2,432, and a drop to $1,600 would represent a substantial 34.21% decrease for the cryptocurrency.
In conclusion, the future of Ethereum’s price remains uncertain, with conflicting predictions from different analysts. The outcome of the US Presidential elections and the ability of Ethereum to maintain key support levels will likely play a crucial role in determining its future trajectory. Investors and enthusiasts will be closely watching to see how these factors unfold in the coming months.