Analysts at British multinational bank, Standard Chartered have predicted that the price of Ethereum (ETH) could potentially climb to $10,000 in response to the anticipated political changes set to take place following the upcoming United States (US) Presidential elections.

Standard Chartered Predicts Ethereum To $10,000

In a research note by the head of Standard Chartered crypto research, Geoffrey Kendrick, Ethereum could experience a dramatic rise to $10,000 if Donald Trump, the former US President wins the upcoming election. 

Related Reading

Delving into the potential impact of a Trump administration on the future of the digital asset industry, Kendrick predicts that both Ethereum and Solana (SOL) will outperform Bitcoin (BTC) significantly, reaching new all-time highs. The report posits that changes in a country’s political regime tend to have a significant influence on the trajectory of leading digital assets over time. 

Based on this observation, Kendrick expects Solana to significantly outperform Ethereum under a Trump regime. While Ethereum will witness significant growth and possibly maintain its rank as the top altcoin with the largest market capitalization, a Trump win could change the market dynamics, potentially triggering even higher gains and adoption for its competitor, Solana. 

On a different note, if the current US Vice President, Kamala Harris wins the upcoming elections, Kendrick’s report projects that Ethereum could surge to $7,000, marking a 30% or $3,000 drop from the projected $10,000 target under a Trump administration. However, under Harris’s leadership, Ethereum will solidify its position as the leading altcoin, potentially outperforming Bitcoin and Solana in gains.  

It’s important to note that Standard Chartered has cut down its earlier forecast for Ethereum by nearly 50%, underscoring the volatility and unpredictability of the market. In an earlier report, the multinational bank had predicted that Ethereum could reach $14,000 by 2025, driven by the approval of Spot Ethereum ETFs. 

Although Spot Ethereum ETFs have gained said approval and are now trading, Ethereum’s price remains significantly below $3,000. Nevertheless, the results of the US Presidential elections scheduled for November 5, could have a more bullish impact on Ethereum, potentially triggering a massive run to new highs. 

ETH Faces Drop To $1,600 If Key Support Fails

While market experts deliver optimistic projections for Ethereum’s price, a prominent crypto analyst, Ali Martinez has taken a more bearish stance, predicting a significant decline for this altcoin if it fails to hold a crucial support level. 

Related Reading

In an X (formerly Twitter) post on Monday, Martinez disclosed that if Ethereum can stay above the $2,300 support threshold, its price could breakout to new all-time highs of $6,000. On the other hand, if the top altcoin fails to maintain this level, it could trigger a massive drop to the next support at $1,600. 

As of writing, the price of Ethereum is trading at $2,432, and a decrease to $1,600 would represent a massive 34.21% plunge for the cryptocurrency.  

Featured image created with Dall.E, chart from Tradingview.com

On-chain data shows the Ethereum whales have been participating in constant distribution for the last six months, a sign that’s not ideal for ETH.

Ethereum Accumulation Trend Score Has Been Red For Cohorts As A Whole

As analyst James Van Straten pointed out in a new post on X, the Accumulation Trend Score has been showing a grim picture for Ethereum recently. The “Accumulation Trend Score” here refers to an indicator from Glassnode that tells us whether the investors of a given asset are accumulating or not.

This metric takes into account for not just the net balance changes happening in the wallets of the investors, but also the size of the entities. This means that larger entities have a higher weight in the indicator. When the value of the score is close to 1, it means either the large investors are participating in strong accumulation or a large number of small holders are buying. On the other hand, it being close to 0 implies net distribution is going on in the network or at least, there is a lack of accumulation taking place.

In the context of the current topic, the version of the Accumulation Trend Score that’s of interest is the one for the individual cohorts. Addresses have been divided into these groups based on the balance that they are carrying.

Now, here is a chart that shows the trend in the Ethereum Accumulation Trend Score for the different cohorts over the past year:

The value of the metric appears to have been red for most of the cohorts recently | Source: @btcjvs on X

As displayed in the above graph, the Ethereum Trend Accumulation Score showed a shade of blue across the cohorts during the early parts of the year, implying the investors as a whole were participating in some degree of accumulation.

Shortly after the Bitcoin all-time high (ATH) back in March, however, the investors started aggressively selling, with the indicator’s value taking a deep red color (that is, very close to the zero mark). Since the initial sharp distribution, selling has calmed down over the last few months, but the metric has still been tending towards being red. Of note, the 100 to 1,000 BTC, the 1,000 to 10,000 BTC, and the 10,000+ BTC groups are still in a phase of distribution.

These cohorts are popularly referred to as, in the same order, sharks, whales, and mega whales. Investors of this size can carry some degree of influence in the market, so their participation in consistent selling over the last six months or so is naturally not a good sign for Ethereum.

It’s possible that until the various cohorts return back to accumulation mode, ETH won’t be able to make any significant recovery.

ETH Price

At the time of writing, Ethereum is floating around $2,400, down more than 7% over the last seven days.

Looks like the price of the coin has been moving sideways over the last few days | Source: ETHUSDT on TradingView

Featured image from Dall-E, Glassnode.com, chart from TradingView.com

Ethereum is at a critical juncture after failing to break above the $2,500 mark yesterday, leaving investors uncertain about its next move. As the broader crypto market anticipates a rally, Ethereum traders closely monitor signs of strength within the network. Despite recent price struggles, there are promising signals from the blockchain.

Key data from IntoTheBlock suggests a growing demand for ETH staking, reflecting long-term confidence in the network’s future. This surge in staking activity indicates that investors are still optimistic about Ethereum’s potential, particularly with upcoming developments like staking rewards and network upgrades.

However, the recent price action has raised concerns, as many had expected ETH to climb higher by now, especially following a period of positive sentiment across the market.

With the crypto market poised for a possible rally, Ethereum’s next moves could set the tone for broader market performance. Investors are now watching closely to see if ETH can regain momentum or if it will continue to struggle at current resistance levels. The coming days will be pivotal in determining whether ETH can break through and initiate a sustained upward trend.

Ethereum Staking Signals Long-Term Confidence 

Ethereum is trading below a key resistance level as the broader crypto market prepares for a potential rally in the coming weeks. The market sentiment has been increasingly bullish, with investors expecting Ethereum to play a crucial role in the next upward move.

According to key data from IntoTheBlock, 28.9% of all ETH is now staked, a significant increase from the 23.8% recorded in January. This surge in staking activity is a clear indicator of growing long-term confidence in the Ethereum network.

Interestingly, over 15.3% of Ethereum has been staked for over three years, showing that many investors are committed to holding their ETH for the long haul. This strong staking activity reinforces the narrative that ETH is viewed as a valuable asset in the evolving crypto landscape and that many investors are betting on its long-term success.

The recent increase in staking and Ethereum’s upcoming network upgrades suggest that ETH is well-positioned for a potential surge. As market fundamentals continue to improve, the entire crypto market seems poised for a rally, and ETH could lead the charge. If ETH breaks past its resistance levels, the momentum could trigger a significant upward movement in the weeks ahead.

ETH Testing Supply Levels

Ethereum is trading at $2,434 after failing to break above the 4-hour 200 moving average (MA) at $2,458. This technical level has acted as a significant resistance point, and bulls need to reclaim it to maintain upward momentum.

A key target for Ethereum’s price action is surpassing the 4-hour 200 MA and breaking above the 200 exponential moving average (EMA) at $2,511. Doing so would strengthen the bullish case and open the door for a potential rally.

However, if ETH continues to struggle and fails to break past these critical resistance levels, a deeper retracement could be on the horizon. In such a scenario, the next significant demand zone lies around $2,150, which could provide a solid foundation for a potential rebound.

With Ethereum investors closely watching these levels, the price action in the coming days will be crucial in determining whether ETH can regain its bullish momentum or face further downside risks. Bulls must reclaim key technical indicators or risk losing control of the trend, leading to a retest of lower support zones.

Featured image from Dall-E, chart from TradingView