Standard Chartered Bank: Still forecasting ETH to reach $7500 by the end of the year, the past two days have been excellent entry points
BlockBeats News, August 26th, according to CoinDesk's report, Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, said on Tuesday that at the current price level, Ethereum (ETH) and the ETH Treasury are still undervalued.
Kendrick pointed out that since early June, the ETH Treasury has purchased 2.6% of circulating ETH. Combined with the inflows into exchange-traded funds (ETFs) during the same period, the accumulated ETH purchased by both has reached 4.9% of the circulation, a staggering amount.
Although these inflows have been quite significant, Kendrick emphasized that this is just the beginning. He previously expected the Treasury to eventually hold 10% of circulating ETH, a target that now seems entirely achievable.
Despite the recent sharp decline in ETH, Kendrick still stands by his earlier prediction that Ethereum will reach $7,500 by the end of the year. He believes that the sell-off below $4,500 in the past two days has provided investors with an excellent entry point.
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