StanChart Exec Declares ETH ’Cheap’ at Current Levels, Doubles Down on Bullish Ether Outlook
Standard Chartered's digital assets chief just called Ethereum a screaming buy—and the market's listening.
Why the confidence?
The bank's crypto division remains all-in on Ether, arguing current prices don't reflect its long-term value. No specific numbers were shared, but the sentiment is clear: this isn't just optimism—it's a calculated bet on the second-largest cryptocurrency.
Institutional money continues flowing into ETH despite regulatory headwinds and the occasional 'crypto winter' scare. Maybe they know something the rest of us don't—or maybe it's just another case of bankers chasing the next shiny object.
Either way, when a major global bank sticks its neck out like this, it's worth paying attention.
ETH Plunge Doesn’t Affect Kendrick’s $7,500 Target
Ethereum experienced a 5% plunge on Tuesday, before recovering on Wednesday. The token rose 4.4% in the past 24h to $4,624.34, outpacing Bitcoin and the broader crypto market.
The token’s plunge from its ATH hasn’t affected Kendrick’s $7,500 price target for the year. He views the recent sell-off to below $4,500 as an entry point for investors to buy the dip.
Further, he highlighted that the valuations of ETH treasury companies such as SharpLink Gaming and Bitmine Immersion have fallen below Saylor’s Strategy on a net asset value (NAV) multiples.
“Given that the ETH treasury companies are able to capture ETH’s 3% staking yield I see no reason for the NAV multiples to be below MSTR’s multiple,” he wrote.
Additionally, he noted that SharpLink Gaming’s announcement on Friday to repurchase shares if its mNAV falls below 1.0, creates a “hard floor” for valuations.
Ethereum Price Bounces Back to Correct Losses
Per CoinMarketCap data, Ethereum surged 10.28% in the past week and is hovering above $4,609 at press time.
Key drivers include a historic short squeeze, whale accumulation, and bullish technicals breaking key resistance.
Besides, CEXs saw a net outflow of 74,500 ETH ($344M) in 24 hours, led by Binance. Reduced exchange liquidity tightens supply while Ether ETFs and staking create a structural demand.
On the upside, the price WOULD face resistance near the $4,630 level. An upside break above the $4,720 resistance might send the price toward the $4,840 resistance.
