Summary
- Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, evaluated that the prices of Ethereum and related companies are significantly undervalued.
- Based on recent purchases by digital asset finance companies and spot Exchange Traded Funds (ETFs), he set Ethereum's year-end price target at $7,500.
- Kendrick stated that his 2028 price target for Ethereum is $25,000, and for Bitcoin is $500,000.
On the 26th (local time), according to the crypto-focused media outlet The Block, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, assessed that "the prices of Ethereum (ETH) and companies holding Ethereum are significantly undervalued."
He explained, "Since last June, digital asset finance companies have acquired about 2.6% of the total circulation of Ethereum, while in the same period, spot Exchange Traded Funds (ETFs) have additionally absorbed 2.3%."
He continued, "In less than three months, a total of 4.9% of the entire supply has been absorbed by the market," adding, "In the process, Ethereum recorded its all-time high of $4,956 on August 24."
Kendrick set Ethereum's year-end target price at $7,500, and the 2028 target at $25,000. He also forecast Bitcoin (BTC) at $200,000 by year-end and $500,000 in 2028.
As of 04:16 on the 27th, Ethereum was trading at $4,548.47 on the Binance Tether (USDT) market, down 0.15% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
