- Geoff Kendrick described Ethereum and treasury holdings as “cheap” at current levels, while Standard Chartered reaffirmed its $7,500 year-end price target.
- Kendrick projected that stablecoin growth could rise eightfold by 2028, strengthening Ethereum’s fee revenues as stablecoins largely transact on its blockchain.
- Standard Chartered expects treasury companies may raise their Ethereum holdings to 10% of supply, supporting its 2028 long-term price forecast of $25,000.
Standard Chartered’s Geoff Kendrick described Ethereum and treasury companies holding ETH as “cheap” at current levels, while maintaining the bank’s raised year-end price target of $7,500. The projection reflects the bank’s confidence in Ethereum’s adoption and expanding use cases.
Ethereum Viewed as Undervalued
Standard Chartered this week lifted its year-end target for Ethereum to $7,500, up from an earlier estimate of $4,000. The new forecast represents a premium of almost 60% compared to Ethereum’s recent high of $4,700, its strongest level in over three years.
Geoff Kendrick, head of digital assets research at the bank, said that Ethereum and treasury holdings of ETH remain “cheap” at present market prices. He emphasized that the recent sell-off provides “a great entry point” for investors assessing exposure to the asset.
Ethereum’s price has gained more than 50% over the past month, supported by the passage of the Genius Act, a new law introducing a regulatory framework for stablecoins.
Stablecoin Expansion and Network Activity
Kendrick projected strong growth in the stablecoin sector, estimating it could expand by nearly eight times by the end of 2028. He said this growth “would have a significant direct impact on fees on the Ethereum network.”
Stablecoins are mostly issued and transacted within Ethereum blockchain, which creates permanent need in ether to pay the transaction fee. This has strengthened the position of Ethereum as a protocol network of the digital asset ecosystem.
The bank said Ethereum’s long-term strength will depend on its ability to process high-value transactions on its main blockchain. Kendrick noted that “a big boost in Layer 1’s capacity would help make this possible.”
Treasury Companies and Long-Term Forecasts
In addition to its 2024 target, Standard Chartered raised its 2028 forecast for Ethereum to $25,000, citing long-term adoption trends and continued network reliance.
Kendrick said treasury companies could increase their ETH exposure over the coming years. He suggested that these entities may eventually hold “10% of all ether in circulation,” further supporting demand.
The bank’s forecast combines stronger treasury demand, stablecoin growth, and scaling progress, reinforcing Kendrick’s view that Ethereum remains undervalued at current levels.
