Ethereum price has crashed hard in the past few weeks as concerns about the crypto industry continued. ETH crashed to a low of $1,562, the lowest level since September 12th this year. It has dropped by more than 26% from the highest level this year.
Ethereum price received a key upgrade by analysts at Standard Chartered, who have been quite bullish on the industry recently. A few months ago, the analysts predicted that Bitcoin surged to $150,000.
And in a report this week, an analyst in the bank said that ETH could jump from the current $1,562 to $8,000 in 2026. If this happens, the coin’s market cap will jump from the current $157 billion to over $960 billion.
The analysts cited the growing use case of Ethereum’s network and the upcoming Bitcoin halving as a catalyst. Also, it noted that the growing industries like gaming and tokenization will continue. Writing about this, the analyst noted:
“Importantly, this should provide ‘proof of concept’ examples in which real-world industries come on-chain to exploit the benefits of Ethereum over their existing setups. We expect significant developments on these fronts by 2025-26.”
Tokenization has become a leading industry this year. Just on Wednesday, JPMorgan made a big milestone when it conducted a major tokenized transaction between Blackrock and Barclays.
Another potential catalyst for Ethereum price will be the approval of an Ethereum ETF. VanEck has already applied for this fund. Therefore, if the SEC approves a spot Bitcoin ETF, there is a likelihood that it will accept an Ethereum ETF.
Still, there are risks to Ethereum. For one, the transition from a proof-of-work (PoW) to a proof-of-stake (PoS) could have some regulatory challenges. There are also concerns about the network’s centralization and the fact that Ethereum Foundation has been selling the coins. It sold 1,700 ETH coins this week.
