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Analysts at British multinational bank Standard Chartered predicted that the price of Ethereum (ETH) could potentially rise to $10,000 in response to expected policy changes following the upcoming presidential elections in the United States (US).
Standard Chartered predicts Ethereum at $10,000
In a research note from the head of Chartered standard crypto research, Geoffrey Kendrick, Ethereum could see a dramatic rise to $10,000 if Donald Trumpthe former US president wins the next election.
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Explore the potential impact of a Trump administration on the future of the digital assets industry, Kendrick predicted that Ethereum and Solana (SOL) will significantly outperform Bitcoin (BTC), reaching new all-time highs. The report posits that changes in a country’s political regime tend to have a significant impact influence on the trajectory of major digital assets over time.
Based on this observation, Kendrick expects Solana will significantly outperform Ethereum under a Trump regime. While Ethereum will see significant growth and possibly maintain its rank as the top altcoin with the largest market capitalization, a Trump victory could change market dynamics, potentially triggering even higher gains and adoption for its competitor, Solana.
On a different note, if the current US Vice President, Kamala Harris wins the next election, Kendrick’s report predicts that Ethereum could reach $7,000, a drop of 30% or $3,000 from the planned target of $10,000 under the Trump administration. However, under Harris’ leadership, Ethereum will consolidate its position as the leading altcoin, potentially outperforming Bitcoin and Solana in earnings.
Importantly, Standard Chartered has reduced its previous forecast for Ethereum by almost 50%, highlighting the volatility and unpredictability of the market. In a previous reportthe multinational bank had predicted that Ethereum could reach $14,000 by 2025, thanks to the approval of Spot ETF Ethereum.
Although Spot Ethereum ETFs have received this approval and are now trading, Ethereum’s price remains significantly below $3,000. Nevertheless, the results of US presidential elections scheduled for November 5, could have a more bullish impact on Ethereum, potentially triggering a massive run to new highs.
ETH at risk of falling to $1,600 if key support fails
While market experts are providing optimistic projections for Ethereum’s price, a prominent crypto analyst, Ali Martinez, has taken a more bearish stance, predicting a significant decline for this altcoin if it fails to maintain a crucial level of support.
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In an X (formerly Twitter) job On Monday, Martinez revealed that if Ethereum can stay above the $2,300 support threshold, its the price could burst to new all-time highs of $6,000. On the other hand, if the top altcoin fails to maintain this level, it could trigger a massive decline to the next support at $1,600.
At the time of writing, Ethereum price is trading at $2,432, and a drop to $1,600 would represent a massive 34.21% drop for the cryptocurrency.
Featured image created with Dall.E, chart from Tradingview.com
