British banking giant Standard Chartered cryptocurrency research leader Geoffrey Kendrick said that the Ethereum price could still reach its long-term target of $35,000.

The giant British bank first voiced this extremely optimistic target last September. At that time, after a minor correction in the cryptocurrency market, there was preparations to launch a major rally.

Claimed That Bitcoin Price Will Reach $100,000 in the First Quarter of 2022

In September, Kendrick claimed that the Bitcoin price would peak around $100,000 in early 2022. However, the analyst's prediction turned out to be extremely wrong. Although the BTC price rose to a record high of $69,000 in November, a bear cycle started after that, with the effect of macroeconomic factors.

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Ethereum Will Benefit From Moving To PoS

Standard Chartered crypto researcher said that despite the depreciation of cryptocurrencies, institutional funds are flowing into the crypto sector.

In addition, Kendrick stated in his statement that Ethereum will also benefit from the transition to the Proof of Stake mechanism that will be experienced in the coming period. The highly anticipated network upgrade is expected to happen later this year. Kendrick also stated that they continue to believe in their long-term target of $35,000.

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These Two Altcoins Are Also On The List

The Standard Chartered analyst also revealed that Avalanche (AVAX) and Polkadot (DOT) are listed cryptocurrencies. Last July, one of the divisions of Standard Chartered announced that it plans to offer a crypto brokerage service in hopes of capitalizing on the growing demand for cryptocurrencies. In addition, in October, Standard Chartered CEO Bill Winters said that cryptocurrencies will not leave our lives.

Avalanche is changing hands at $59.68 at the time of writing, and AVAX's last 24-hour trading volume was $505,227,728. AVAX price has decreased by -5.5% in the last 24 hours. Polkadot (DOT) is changing hands at $15.67 with a 24-hour trading volume of $406,679.992. Polkadot (DOT) has decreased by -3.1% in the last 24 hours.