Ethereum ( $2,410.22 ) ’s macro outlook is bullish, according to banking giant Standard Chartered.
Analysts at the firm say Ethereum ( $2,410.22 ) could hit $35,000 and surpass Bitcoin ( $60,115.00 ) in market cap terms.
Despite the bold prediction, Ethereum ( $2,410.22 ) has suffered a brutal dip in the market today.
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Standard Chartered analysts believe that Ethereum ( $2,410.22 ) has more room to go up and could even surpass Bitcoin ( $60,115.00 ) as the number one cryptocurrency by market cap. Still, the technicals show that ETH is primed to retrace before advancing further.
Standard Chartered Says Ethereum ( $2,410.22 ) Is Undervalued
Standard Chartered has shared a bullish outlook for Ethereum ( $2,410.22 ) .
The blockchain’s recent London hardfork has brought a lot of attention to ETH. With 224,700 ETH burned to date and another 7,500,000 tokens locked in ETH 2.0 deposit contracts, many analysts believe a massive supply shock is underway.
Standard Chartered is one of the latest financial institutions to jump the bullish case for Ethereum ( $2,410.22 ) . In a recent report, the British banking giant said that Ethereum ( $2,410.22 ) could be thought of as a “financial market” as it enables users to lend and earn interest on investments, among many other services. Such an immense utility could allow Ethereum ( $2,410.22 ) to catch up with Bitcoin ( $60,115.00 ) ’s market capitalization, the report said.
The multinational banking and financial services company put a $26,000 to $35,000 price target on ETH once BTC crosses $175,000, representing a 1,000% increase from the current levels. A $35,000 ETH would give Ethereum ( $2,410.22 ) a market cap of roughly $4 trillion, depending on the deflationary impact of its EIP-1559 update.
A Pullback Before Higher Highs
Despite the optimistic outlook, Ethereum ( $2,410.22 ) does not look as bullish from a short-term perspective.
The Tom DeMark (TD) Sequential indicator recently presented a sell signal on Ethereum ( $2,410.22 ) ’s daily chart. The bearish formation developed as a green nine candlestick, indicative of a one to four daily candlesticks correction before the uptrend resumes.
If validated by a daily close below the $3,800 support level, ETH would likely dive towards the 61.8% or 50% Fibonacci retracement level. These critical demand barriers sit at $3,350 and $3,050 respectively.
ETH plummeted 15% to $3,350 earlier today as the market was shaken by volatility. Bitcoin ( $60,115.00 ) also dipped over 10%, while many other lower cap assets shaved off 20% or more.
Only a daily candlestick close above the recent high of $4,030 can invalidate the bearish thesis. Under such unique circumstances, Ethereum ( $2,410.22 ) would be signaling the resumption of the bull run towards the 127.2% Fibonacci retracement level at $5,115.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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