Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, believes that Ethereum (ETH) and related corporate treasuries remain undervalued despite recent inflows. In emailed comments on Tuesday, he called the recent two-day sell-off “a great entry point” for investors. He reaffirmed his bullish ETH outlook , hitting a $7,500 target by year-end, a 68% jump from current levels. He called ETH and ETH treasury firms “cheap” at current levels, reiterating his recent forecast that treasury firms could eventually hold 10% of circulating ETH. The researcher said that Ethereum digital asset treasury (DAT) companies have bought 2.6% of all Ether in circulation since June. Meanwhile, spot ETH exchange-traded funds (ETFs) have absorbed 4.9% of circulating Ethereum in the same period. This has helped push ETH to a fresh all-time high of $4,955 on Aug. 24. ETH Plunge Doesn’t Affect Kendrick’s $7,500 Target Ethereum experienced a 5% plunge on Tuesday, before recovering on Wednesday. The token rose 4.4% in the past 24h to $4,624.34, outpacing Bitcoin and the broader crypto market. The token’s plunge from its ATH hasn’t affected Kendrick’s $7,500 price target for the year. He views the recent sell-off to below $4,500 as an entry point for investors to buy the dip. Further, he highlighted that the valuations of ETH treasury companies such as SharpLink Gaming and Bitmine Immersion have fallen below Saylor’s Strategy on a net asset value (NAV) multiples. “Given that the ETH treasury companies are able to capture ETH’s 3% staking yield I see no reason for the NAV multiples to be below MSTR’s multiple,” he wrote. Additionally, he noted that SharpLink Gaming’s announcement on Friday to repurchase shares if its mNAV falls below 1.0, creates a “hard floor” for valuations. Ethereum Price Bounces Back to Correct Losses Per CoinMarketCap data , Ethereum surged 10.28% in the past week and is hovering above $4,609 at press time. Key drivers include a historic short squeeze, whale accumulation, and bullish technicals breaking key resistance. Besides, CEXs saw a net outflow of 74,500 ETH ($344M) in 24 hours, led by Binance. Reduced exchange liquidity tightens supply while Ether ETFs and staking create a structural demand. On the upside, the price would face resistance near the $4,630 level. An upside break above the $4,720 resistance might send the price toward the $4,840 resistance. The post StanChart Exec Calls ETH ‘Cheap’ at Current Levels, Reaffirms Bullish Ether Outlook appeared first on Cryptonews .
