Standard Chartered: Still Predicts ETH Could Reach $7,500 by Year-End, Says the Past Two Days Were an Excellent Entry Point

BlockBeats News, August 26, according to CoinDesk, Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered Bank, stated on Tuesday that at current price levels, Ethereum (ETH) and ETH treasury companies remain undervalued.

Kendrick pointed out that since early June, ETH treasury companies have purchased 2.6% of the circulating ETH. Combined with the inflows from exchange-traded funds (ETF) during the same period, the total ETH purchased by both has reached 4.9% of the circulating supply, which is a staggering amount.

Although these capital inflows are already quite considerable, Kendrick emphasized that this is just the beginning. He previously predicted that treasury companies would eventually hold 10% of the circulating ETH, and this target now seems entirely achievable.

Despite the recent sharp decline in ETH, Kendrick maintains his previous forecast, believing that Ethereum will reach $7,500 by the end of the year. He believes that the sell-off below $4,500 over the past two days has provided an excellent entry point for investors.