Ethereum (ETH), the second largest cryptocurrency through market capitalization, has made a considerable comeback last week with an increase of 29% and is approaching all time high (ATH) Levels.
The price performance of Ethereum led Standard Chartered, one of the largest financial institutions in the UK, to considerably revise his price projections for the cryptocurrency.
Ethereum consolidates 4% under all time highlights
The Ethereum price currently consolidates above the $ 4,600 level, which could serve as a crucial support point as if ETH Breaks through his previous all times of $ 4,878 reached in 2021, it can take effect a new phase of pricing.
Currently, only 4% gorge separates the current price from Ethereum from that record, but analysts at Standard Chartered, led by Geoff Kendrick, are optimistic for a new bullish phase for the cryptocurrency.
She prediction A bullish trend that could almost double the Ethereum prize by the end of the year, so that their ending at the end of the year was collected from $ 4,000 to $ 7,500. Moreover, they have set an ambitious goal of 2028 of $ 25,000 for ETH.
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Various important factors underlie these optimistic prospects. Firstly, the recent approval of Ethereum Spot Exchange-Traded Funds (ETFs) has led to considerable market activity.
Ethereum ETFs recently registered $ 1 billion in inflow, which marked the biggest daily inflow to date. Years to date, these funds traded on the stock exchange have attracted $ 8.2 billion, which represents approximately 1.5% of Ethereum’s market capitalization.
In addition, legislative progress in the United States, in particular with the passage of the Genius Act And the Clarity Act has strengthened Ethereum’s prospects.
It is expected that these developments will improve the liquidity in the Ethereum ecosystem, as a significant part of the stablecoins -often considered a stealth bullish -the -feather for ETH -will be issued on the Ethereum -Blockchain.
Currently, large stablecoins such as USDC, published by Circle (CRCL) and USDT, developed by Tether, mainly in the Ecosystem of Ethereum, to support the price performance of the Altcoin.
Greater impact of institutional investments
In addition to these bullish developments, there is a growing trend among public companies that use Ethereum Treasury strategies that are comparable to those of strategy (formerly micro strategy) with Bitcoin (BTC).
When reported NEWSBTC On Tuesday now about 865,000 ETH is held by these companies, which reflects an interest rate from institutional investors who want to benefit from the long -term potential of Ethereum.
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As an addition to the Bullish Sentiment, analyst Virtualbacon has shared predictions, which suggests that if Bitcoin is approaching $ 150,000 and the ETH/BTC ratio rises to 0.044, Ethereum this year could reach prices between $ 6,000 and $ 7,000.
The analyst noted in social media after On X (formerly Twitter) that means the smaller market capitalization of Ethereum means that every dollar from institutional investors has a more pronounced effect on its price compared to Bitcoin.
Virtualbacon identifies $ 3,350 as a potential floor for ETH, unless Bitcoin experiences a considerable decline. He emphasizes that the crucial moment for Ethereum will erase the resistance level of $ 4,850, which could quickly continue ETH above $ 6,000.
ETH currently acts at $ 4,636 and registers an increase of 4.3% in the 24-hour period.
Featured image of Dall-E, graph of TradingView.com