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Analysts of the British international bank, Standard Chartered predicted that Ethereum price (ETH) it may increase to $10,000 due to the expected political changes that will occur next the upcoming United States (US) Presidential election.
Standard Chartered Predicts Ethereum At $10,000
In a research paper made by the head of Standard Chartered crypto researcher, Geoffrey Kendrick, Ethereum may have a dramatic rise to $10,000 if Donald Trumpthe former US President wins the next election.
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Deep in power the impact of the Trump administration on the future of the digital goods industry, Kendrick he predicts that both Ethereum and Solana (SOL) will significantly outperform Bitcoin (BTC), reaching new all-time highs. The report states that changes in the country’s political system are often important influence on the leading digital goods channel over time.
Based on this observation, Kendrick is expecting Solana will be remarkably successful Ethereum under the Trump regime. Although Ethereum will witness significant growth and possibly maintain its position as the top altcoin with a large market capitalization, Trump’s victory could change the dynamics of the market, which could result in even higher gains and the acquisition of its competitor, Solana.
On the other hand, if the current Vice President of the United States, Kamala Harris wins the next election, report Kendrick projects that Ethereum may rise to $7,000, marking a 30% drop or $3,000 from the expected $10,000 target under the Trump administration. However, under Harris’ leadership, Ethereum will solidify its position as the leading altcoin, Bitcoin is likely to work well and Solana in the acquisition.
It is important to note that Standard Chartered has reduced its previous forecast for Ethereum by almost 50%, underscoring the volatility and uncertainty of the market. In an previous reportThe international bank had predicted that Ethereum could reach $14,000 by 2025, driven by the approval of Spot Ethereum ETF share price.
Although the Spot Ethereum ETFs received the said approval and are now trading, the price of Ethereum remains well below $3,000. However, the results of US Presidential Election scheduled for November 5, could have a more bullish effect on Ethereum, which could cause a big run to the upside.
ETH Faces Falling To $1,600 As Key Support Fails
While market experts deliver optimistic predictions for the price of Ethereum, prominent crypto analyst, Ali Martinez took a critical stance, predicting a significant drop for this altcoin if it fails to catch on important support level.
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On X (formerly Twitter) posted On Monday, Martinez revealed that if Ethereum can stay above the $2,300 support threshold, the price may come up at an all-time high of $6,000. On the other hand, if the top altcoin fails to maintain this level, it can cause a big drop to the next support at $1,600.
As of writing, the price of Ethereum is trading at $2,432, and a drop to $1,600 would represent a significant drop of 34.21% for the cryptocurrency.
The featured image was created with Dall.E, a chart from Tradingview.com
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