Ethereum Price Prediction as Standard Chartered Forecasts $8K Price By 2026 – Will Ether (ETH) Break Below This Key Support Level?
Ether (ETH) is back to trading flat in the $1,550 area after seeing a sharp reversal lower from earlier session highs in the $1,630s.
The cryptocurrency’s sudden intra-day reversal comes after ETH/USD found strong resistance at its 21 and 50DMAs, though Ether is for now finding support above key long-term support around $1,550.
A bullish research report from Standard Chartered which forecasted a rise to a price of around $8,000 by 2026 has failed to lift sentiment.
Standard Chartered Bank’s head of Digital Assets Research Geoff Kendrick argued that Ethereum is already dominant in NFTs and DeFi, but should also become the dominant blockchain powering the fast-growing web3 gaming and tokenization industries, both of which should add “significant demand”.
“Importantly, this should provide ‘proof of concept’ examples in which real-world industries come on-chain to exploit the benefits of Ethereum over their existing setups,” Kendrick argued, adding “we expect significant developments on these fronts by 2025-26”.
Kendrick added that the bank could rally back towards $4,000 by the end of 2024, with the Bitcoin (BTC) halving helping to lift all boats in the crypto world.
Progress toward Standard Charters' $8,000 might have to wait, as Ether threatens a break of key long-term support at $1,550.
A break of this level could open the door to a swift move back to the March 2023 lows under $1,400, meaning a potential near-term price drop of as much as 12%.
Risks are certainly tilted towards more downside.
Macro headwinds are high, with the Israel/Palestine war escalating and its impact on global oil markets (and global inflation) still unclear, while the latest US PPI numbers came out hotter than expected, raising fears about higher for
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