According to the news of Business Insider, Geoffrey Kendrick, head of crypto research at banking giant Standard Chartered, said that the value of Ethereum (ETH) could reach the level of $ 35,000 in the long run.
The famous British investment bank previously shared its optimistic forecasts for the crypto sector in September.
In September, Kendrick claimed that Bitcoin would rise to around $100,000 in early 2022, but he was wrong. Although the asset set a new ATH at $69,000 in November, it later entered a bearish cycle.
Standard Chartered’s crypto researcher states that despite continued sales, institutional money continues to flow into crypto.
Kendrick says the value of Ethereum will benefit from the transition to a proof-of-stake algorithm.
The analyst also pointed to Avalanche and Polkadot as Ethereum’s competitors and ignored Solana.
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