Institutional investor’s attention on Ethereum grows due to its financial market growth.
Standard Chartered analysts believes Ethereum’s growth surge could overtake Bitcoin, the first cryptocurrency by market cap.
However, technicals analysis suggests ETH must retrace before another rally.
Standard Chartered takes a bullish position on Ethereum. ETH’ london fork, the recent innovation on the blockchain brought much attention to the network.
The network records 224,700 tokens burned with 7,500,000 locked in ETH 2.0 deposit contracts.
Meanwhile, Standard Chartered becomes the latest financial institution to talk stand with Eth.
The British banking giant considers Ethereum as a financial market filled with different services for users.
This is because the Network is a platform for lending, interest-earning on investments, and others.
Furthermore, the report places a possibility for Ethereum to catch up Bitcoin’s market cap with such utility.
Furthermore, Standard Chartered predicts Ethereum’s price range at $26,000 to $35,000 if bitcoin hits $175,000.
This target represents a 1000% increase from the present price levels.
It also predicts Ethereum’s market to be around $4 trillion at $35,000 price level.
However, this will depend on the outcome of deflation of its EIP-1559 update.
However, Ethereum doesn’t show a short term bullish run rather a sell signal, according Tom DeMark (TD) Sequential indicator.
ETH could fall towards the 61.8% or 50% Fibonacci retracement level. Well important demand barriers levels at $3,350 and $3,050, respectively.
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