Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has made a significant comeback with a 29% surge over the past week, approaching all-time high (ATH) levels.<\/p>\n
Ethereum\u2019s price performance has prompted Standard Chartered, one of the UK\u2019s largest financial institutions, to significantly revise its price projections for the cryptocurrency.<\/p>\n
Currently, the Ethereum price is consolidating above the $4,600 level, which could serve as a crucial support point as if ETH breaks through its previous all-time high of $4,878 reached in 2021, it may enter a new phase of price discovery.\u00a0<\/p>\n
Presently, a mere 4% gap separates Ethereum\u2019s current price from that record, but analysts at Standard Chartered, led by Geoff Kendrick, are optimistic for a new bullish phase for the cryptocurrency.\u00a0<\/p>\n
They forecast <\/a>a bullish trend that could nearly double the Ethereum price by the end of the year, raising their year-end target from $4,000 to $7,500. Furthermore, they have set an ambitious 2028 target of $25,000 for ETH.<\/p>\n Several key factors underlie this optimistic outlook. Firstly, the recent approval of Ethereum spot exchange-traded funds (ETFs) has led to significant market activity.\u00a0<\/p>\n Ethereum ETFs recently recorded $1 billion in inflows, marking the largest daily influx to date. Year-to-date, these exchange-traded funds tracking ETH\u2019s price have attracted $8.2 billion, representing around 1.5% of Ethereum\u2019s market capitalization.<\/p>\n