Ether (ETH) has been on a big run of late, but it’s just getting started, according to Standard Chartered’s Geoff Kendrick.
Citing surging institutional demand, favorable regulation, and network upgrades, Kendrick lifted his year-end price target for ETH to $7,500 from $4,000 and his end-2028 target to $25,000 from $7,500. Up more than 50% over the past month, ether is currently trading hands just beneath its record high at $4,700.
Alongside, he expects continued outperformance over bitcoin (BTC), forecasting the ETH/BTC ratio to rose to 0.05 from the current 0.039.
Ether treasury companies and spot exchange-traded funds have purchased 3.8% of all ETH in circulation since early June, Kendrick said, adding that this was twice the fastest pace of comparable bitcoin buying.
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The second-largest cryptocurrency has also received a regulatory boost from the passage of the U.S. [GENIUS Act](https://www.coindesk.com/arc/outboundfeeds/More than half of all stablecoins are issued on Ethereum, and stablecoins already account for 40% of blockchain fees.) in July, which paves the way for mainstream stablecoin adoption. More than half of all stablecoins are issued on Ethereum, and these cryptocurrencies already account for 40% of blockchain fees, Kendrick noted.
Network growth is a tailwind. Ethereum developers aim to boost Layer 1 throughput by 10x, positioning the chain for higher-value transactions and expanding Layer 2 ecosystems, the report added.
Companies that are buying ether for their treasury strategy are a better buy for investors than ETH spot exchange-traded funds, the bank said in a report earlier this month.
** Read more: Ethereum Treasury Stocks ‘Better Buy’ Than ETH ETFs, Standard Chartered Says**
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