After a strong start to the month of October 2023, the world’s second-largest cryptocurrency Ethereum (ETH) has come under significant selling pressure slipping under $1,600 earlier this week.
At press time, ETH is trading at a price of $1,558 with a market cap of $187 billion. Popular crypto analyst Ali Martinez stated that the Ethereum price has been relatively stable within a consistent range. Notably, the TD Sequential indicator has generated a buy signal near the lower boundary of this range, indicating the potential for ETH to recover to $1,630.
However, it’s essential to exercise caution. Should the ETH price close below the $1,530 mark, it could invalidate the bullish outlook.
As per the Reuters report on Wednesday, October 11, Standard Chartered Bank expects the ETH price to touch $8,000 within the next two years or utmost by early 2026. This optimistic perspective is grounded in Ethereum’s expanding presence in smart contracts, gaming, and the tokenization of conventional assets. Additionally, Geoff Kendrick, Head of FX Research at Standard Chartered, suggested a more ambitious structural valuation in the long term, ranging from $26,000 to $35,000 by 2040, driven by emerging real-world use cases.
However, not everyone is bullish about Ethereum going ahead. Following the Shanghai upgrade in April, there was a 12% reduction in daily transactions on the Ethereum network, according to a report from JPMorgan Chase. Analysts at the bank, led by Nikolaos Panigirtzoglou, raised concerns about the diminishing network activity on the platform.
There was a substantial 20% decline in daily active addresses. Additionally, the total value locked on the Ethereum network dropped by 8%. Furthermore, the introduction of nine Ether futures ETFs yielded disappointing results. As a result, ETH has been losing ground to Bitcoin.
As said, Ethereum is trading in the crucial demand zone in the range between $1,530-$1,630 levels. Lately, Benjamin Cowen, a renowned analyst known for his precision, has expressed his views on Ethereum through his YouTube channel. He predicts that Ethereum, a widely recognized cryptocurrency, is likely to experience a decrease in value by the end of this year.
“In my opinion, the most likely outcome is that Ethereum will drop to less than $1,200 within the next two and a half months, and maybe even lower,” he noted.
However, Ethereum whales have continued to show hands with the top 10 largest ETH wallets adding 40 million ETH recently.
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