Standard Chartered suddenly raised its year-end Ethereum price target - this is the bank's outlook: report

Global banking giant Standard Chartered reportedly raised its year-end Ether (ETH) price target, with Ethereum being the second largest digital asset by market capitalization.

According to a new report by Reuters, this financial services giant has raised its year-end ETH price target from $4000 to $7500, an increase of nearly 88%, due to heightened industry participation and a surge in demand for the token in recent months.

Looking ahead, Standard Chartered has raised its price forecast for this top altcoin in 2028 from $7,500 to $25,000, citing the recently passed "Genius Act"—which creates a legal framework for stablecoins—will significantly boost the growth of its ecosystem, which is closely related to the digital assets pegged to the US dollar.

According to a report by Reuters, Jeff Kendrick, head of digital asset research at Standard Chartered Bank, stated:

"We expect the stablecoin industry to grow by about 8 times by the end of 2028, which will have a significant direct impact on the fees on the Ethereum network."

Kendrick further stated that he envisions the Ethereum treasury company to hold 10% of all available Ether.

Ethereum, which has experienced significant growth in the past few months, is currently trading at $4687, nearly matching its all-time high of November 2021. At the beginning of July, the value of Ethereum was $2487.