Standard Chartered slashed its year-end Ethereum price forecast to $4,000

Standard Chartered Bank has drastically revised its estimate of Ethereum's price by the end of this year. The experts' estimate was reduced by 60% from 10,000 to 4,000 dollars at once.

The bank's decision came as a result of growing concerns about Ethereum's position in the market, especially due to increased competition from layer 2 blockchains such as Base. Their rise put pressure on Ethereum's value, stripping the asset of about $50 billion in market value (according to Standard Chartered's estimates).

Meanwhile, technological factors are also unfavorable to Ethereum. Despite recent updates that suggest a reduction in transaction fees and improved efficiency, Ethereum's share in the crypto asset market continues to shrink.

At the same time, the prospects of creating an ETF on Ethereum remain uncertain. However, even in case of a positive outcome, as Standard Chartered analysts believe, it may not be enough to overcome the current pressure on the market.