Standard Chartered Cuts Ethereum Price Target to $4K

• Standard Chartered lowers Ethereum target from $10K to $4K.
• Market volatility and delayed catalysts impact forecast.
• Long-term bullish outlook remains despite cut.

In a surprising move, global banking giant Standard Chartered has revised its Ethereum price target for the end of 2024. Previously optimistic with a forecast of $10,000, the bank now expects Ethereum (ETH) to reach $4,000 by year-end. This substantial downward revision highlights growing concerns about short-term Market volatility and delayed adoption catalysts in the crypto space.

Why the Ethereum Price Target Was Lowered

The decision to reduce the Ethereum price target stems from multiple market-related factors. Analysts at Standard Chartered cited slowing institutional adoption, regulatory uncertainties, and macroeconomic pressures as key reasons. Additionally, the delay in Ethereum’s scalability upgrades, such as sharding and Layer 2 solutions, has tempered enthusiasm for near-term explosive growth.

Despite the cut, the bank remains cautiously optimistic. They emphasized that Ethereum’s strong fundamentals, including its role in decentralized finance (Defi) and NFTs, still support a bullish long-term view. However, in the face of current headwinds, the $10K target appears overly ambitious for 2024.

Long-Term Outlook Still Positive

While this revision might concern some investors, Standard Chartered stressed that Ethereum continues to be a dominant force in the crypto ecosystem. The bank believes that as market conditions stabilize and Ethereum’s technological roadmap advances, higher price targets could be realistic in the coming years. For now, though, a $4,000 end-of-year price offers a more cautious, yet still optimistic, benchmark for investors.