- Standard Chartered predicts Ethereum to reach $25,000 by 2028.
- Ethereum Foundation’s sale signals strategic profit-taking amid market rally.
- Institutional interest continues to drive Ethereum’s bullish momentum and growth.
Standard Chartered has updated its Ethereum price forecast, predicting the cryptocurrency will reach $25,000 by 2028, up from its previous estimate of $7,500. This update was made at a time when Ethereum saw a surge in prices and increased investor conviction in digital assets.
Walter Bloomberg (@DeItaone) on X states that this update has come after a sudden rise in the value of Ethereum. Investors’ interest in ETH increased as it broke the $4,500 mark, which was part of the reason the bank adjusted its forecast.
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Ethereum’s Technical Indicators and Market Momentum
Ethereum has demonstrated strong growth, recently surpassing the $4,700 mark. As of now, Ethereum is trading at $4,718, reflecting a 2.78% increase. The cryptocurrency has picked up very well, and the fact that demand is rising means that the positive trend will not be a short-lived one.
Ethereum has a 20-day simple moving average (SMA) of 3,890, and the cryptocurrency is regularly trading above this figure. This is an indication that Ethereum remains on a powerful upward trend.
Also, the relative strength index (RSI) is at 79.42, which means that Ethereum is getting closer to overbought levels, which implies a possible slowdown. Nevertheless, the general tendency is bullish, and the long-term perspective of Ethereum still has potential.
Source: Tradingview
Ethereum Foundation’s Strategic Sales Amid Market Rally
On-chain analytics provider Lookonchain revealed that the Ethereum Foundation sold 2,795 ETH, valued at around $12.7 million, during Ethereum’s recent price upswing. The foundation’s sale was made after Ethereum reached the highest level of the year, $4,500, and was regarded as a calculated money-making move in relation to the market boom.
The Ethereum Foundation made the sales through a wallet associated with it, “0xF39…E4B.” It sold 1,695 ETH on two deals at an average price of $4,556 and another 1,100 ETH at $4,602. This lowered the foundation’s ETH holdings considerably, which indicated that the foundation was changing its strategy as the market was hitting new heights.
Institutional Interest Fuels Ethereum’s Surge
Ethereum’s rally has also been supported by strong institutional interest. The amount of ETH held by corporate treasuries, which include SharpLink Gaming and Bitmine, is about $9 billion. Moreover, exchange-traded funds that follow spot Ethereum had inflows of more than $1 billion on Monday, a record intake since the funds began trading.
This growing institutional activity reinforces Ethereum’s bullish momentum and strengthens Standard Chartered’s prediction for Ethereum’s future growth, positioning the cryptocurrency for long-term success in the digital economy.
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