Ethereum's Rally Could Have Further Legs — Market Talk
Ethereum rises to its highest level since December 2021 and could strengthen further, Standard Chartered's Geoff Kendrick says in a note. The blockchain stands to benefit July's passage of U.S. regulation that clears the way for mainstream adoption of stablecoins, cryptocurrencies pegged to another asset like the dollar, he says. "Stablecoins account for 40% of all blockchain fees today, and more than 50% of stablecoins sit on Ethereum." Meanwhile, Ethereum treasury companies and exchange traded funds have bought 3.8% of all Ethereum in circulation in just two-and-a-half months, he says. StanChart raises its end-2025 forecast for Ethereum to $7,500 from $4,000 previously and its end-2028 forecast to $25,000 from $7,500. Ethereum reaches a high of $4,710, LSEG data show.([email protected])