Analysts at %StandardChartered (STAN) bank say that the price of %Ethereum ($ETH) could increase five-fold by the end of 2026.
According to the bank, the price of Ethereum could reach $8,000 U.S. over the next two years as it becomes more widely used in blockchain-based smart contracts, as well as in gaming and the tokenization of traditional assets.
The bullish forecast from Standard Chartered’s Head of FX Research Geoff Kendrick is part of a broader report on cryptocurrency price forecasts.
“We see the $8,000 level as a stepping stone to our long-term ‘structural’ valuation estimate of $26,000-$35,000,” reads the report pertaining to Ethereum. “That valuation assumes future use cases and revenue streams that may not have emerged yet…”
This is not the first time that Standard Chartered has made headlines from its bullish predictions related to cryptocurrencies.
In July of this year, the bank said that Bitcoin’s price could reach $50,000 U.S. this year and $120,000 U.S. by the end of 2024. Bitcoin was last trading around $27,200 U.S.
The price of Ethereum has gained 31% this year and currently trades at $1,575 U.S. Ethereum’s price is about 70% below its all-time high of $4,869 U.S. reached in November 2021.