As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market predictions and their subsequent outcomes. The latest prediction by Standard Chartered about Ethereum reaching $10,000 is intriguing, to say the least. While political changes can indeed influence market trends, I find it hard to ignore the inherent volatility in cryptocurrency markets.
Experts from global bank, Standard Chartered, believe Ethereum‘s price might soar to $10,000 due to projected political shifts happening post the forthcoming U.S. Presidential elections.
Standard Chartered Predicts Ethereum To $10,000
According to a research note penned by the head of Standard Chartered’s cryptocurrency division, Geoffrey Kendrick, it is speculated that Ethereum could see a significant surge in value up to $10,000 if Donald Trump were to win the upcoming election.
Exploring how a Trump administration might shape the digital asset industry’s future, Kendrick anticipates that Ethereum and Solana (SOL) will surpass Bitcoin (BTC) substantially, hitting unprecedented peak values. The analysis suggests that shifts in political leadership can have a profound effect on the long-term direction of major digital assets.
Given this observation, Kendrick predicts that Solana may see substantial growth relative to Ethereum under a Trump presidency. Although Ethereum is likely to experience considerable expansion and retain its position as the leading altcoin with the highest market cap, a Trump victory could shift market conditions, potentially leading to even greater success and adoption for Solana.
If Kamala Harris becomes the next U.S. President in the upcoming elections, Kendrick’s forecast predicts that the price of Ethereum could reach $7,000. This is a 30% decrease compared to the projected $10,000 under a Trump administration. However, should Harris lead, Ethereum may establish itself as the top alternative coin, potentially surpassing Bitcoin and Solana in growth.
Keep in mind that Standard Chartered recently lowered its previous estimate for Ethereum by approximately 50%, indicating the market’s instability and uncertainty. Previously, this global bank had speculated that Ethereum might reach $14,000 by 2025 due to the potential approval of Spot Ethereum ETFs.
Despite Spot Ethereum ETFs beginning trading following approval, Ethereum’s price is still well below $3,000. However, the outcome of the US Presidential election on November 5 could potentially boost Ethereum’s value, possibly leading to a significant surge towards new record highs.
ETH Faces Drop To $1,600 If Key Support Fails
As an analyst, I’ve been closely watching the Ethereum market and while many experts are projecting optimistic price growth, I personally have a more cautious outlook. Specifically, if Ethereum can’t maintain a key support level, I anticipate a substantial drop in its value.
In an X (formerly Twitter) post on Monday, Martinez disclosed that if Ethereum can stay above the $2,300 support threshold, its price could breakout to new all-time highs of $6,000. On the other hand, if the top altcoin fails to maintain this level, it could trigger a massive drop to the next support at $1,600.
Currently, Ethereum’s value stands at approximately $2,432. If it were to drop down to $1,600, this would equate to a substantial 34.21% fall in its price.
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2024-10-10 00:40