Ethereum Price Could Soar to $10,000 Amid U.S. Presidential Election Outcome

Analysts from Standard Chartered have projected a potential surge in Ethereum's (ETH) price, with the cryptocurrency possibly reaching $10,000, contingent upon the outcome of the upcoming U.S. Presidential elections. The prediction, made by Geoffrey Kendrick, head of the bank's crypto research, suggests that the political environment could significantly influence Ethereum’s future performance, with a potential Donald Trump victory driving Ethereum to all-time highs. Meanwhile, a win for Vice President Kamala Harris could lead to a smaller but still substantial rise to $7,000.

Key Takeaways

• Donald Trump's potential win could propel Ethereum's price to $10,000, with Solana expected to outperform ETH.
• Kamala Harris's victory could lead to a more moderate Ethereum rise, with a price target of $7,000.
• Ethereum faces risk of dropping to $1,600 if it fails to maintain crucial support levels, despite bullish predictions.

Ethereum’s $10,000 Target Tied to U.S. Presidential Elections

In a research note, Standard Chartered’s Geoffrey Kendrick highlighted the correlation between political shifts and cryptocurrency performance. According to Kendrick, if Donald Trump wins the 2024 U.S. elections, it could spark a massive rally in Ethereum’s price, pushing it to the $10,000 mark. Political changes often lead to market shifts, and Kendrick believes a Trump administration would foster an environment conducive to Ethereum’s rapid growth.

However, the outlook for Solana under a Trump presidency appears even brighter. Kendrick predicts Solana (SOL) will outperform Ethereum, suggesting it may experience even higher gains than the second-largest cryptocurrency by market cap.

Kamala Harris Could Lead Ethereum to $7,000

In contrast, a victory for current U.S. Vice President Kamala Harris would still see Ethereum grow but with a more modest price target of $7,000. Under Harris’s leadership, Ethereum is expected to continue outperforming Bitcoin while maintaining its position as the leading altcoin. This projection represents a 30% reduction compared to the anticipated gains under Trump’s potential administration.

Standard Chartered Adjusts Ethereum Price Forecast

It’s worth noting that Standard Chartered has previously adjusted its Ethereum forecast. Earlier, the bank predicted ETH would reach $14,000 by 2025, particularly with the introduction of Spot Ethereum ETFs. While the ETFs are now live, Ethereum’s current price remains under $3,000. However, the upcoming U.S. elections could play a decisive role in Ethereum’s future trajectory, according to Kendrick.

Ethereum Faces Risk of Decline

While bullish predictions abound, not all market experts share the same optimism. Crypto analyst Ali Martinez warns that Ethereum could drop to $1,600 if it fails to hold above the $2,300 support level. A failure to maintain this critical threshold could trigger a sharp decline, despite the overall bullish sentiment tied to political developments.

For those looking to seize market opportunities, consider trading or purchasing Ethereum on Bitrue. Stay ahead of market shifts and position yourself strategically in the evolving crypto landscape!

FAQs

What happens if Ethereum drops below the $2,300 support level?

If Ethereum falls below the $2,300 support, analysts predict it could decline further to around $1,600, representing a 34% drop.

How would a Trump win impact Solana?

A Trump victory could lead to significant growth for Solana, with some predictions suggesting it might outperform Ethereum.

What’s the price forecast for Ethereum if Kamala Harris wins?

If Kamala Harris wins the U.S. Presidential election, Ethereum is expected to rise to $7,000, according to Standard Chartered analysts.