- Standard Chartered bank analysts structurally value Ethereum between $26,000 and $35,000 and share a bullish outlook on the altcoin.
- Vitalik Buterin proposes a solution to high gas fees on the Ethereum network, suggesting migration of NFTs entirely to layer 2.
- Transaction volume on Ethereum layer 2 has surpassed Bitcoin, flippening narrative is relevant yet again.
Adoption of layer-2 scaling protocols has surged with the spike in Ethereum gas prices. ETH layer-2 protocols are processing over 250,000 transactions per day, exceeding Bitcoin’s count.
Leading global bank is bullish on Ethereum, values Ethereum between $26,000 to $35,000
Standard Chartered, a British multinational banking giant headquartered in London, recently published a report on the top two cryptocurrencies, Bitcoin and Ethereum. The report shares insights on structural considerations and the economic use case for Ether, and three Standard Chartered Bank researchers believe that:
While potential returns may be greater for ETH than for BTC, risks are also higher.
The banking giant's analysts said,
Structurally, we value Ethereum at $26,000-$35,000.
As the altcoin is consolidating, falling close to 20% on Tuesday, it is interesting to note that traditional finance proponents have a bullish outlook on Ether.
Sam Trabucco, CEO of Alameda Research, shared his thoughts on the dip in Ethereum prices. Trabucco points out that the setup pre-correction is nearly the same every time. Futures contracts trade at a high premium, indicating aggressive buying. This setup is closely followed by a steep price correction that offers traders the opportunity to buy the dip.
If you *are* expecting it, the best move is to sell beforehand (we weren't so we couldn't). Barring that, though, there's still plenty you can do — the best and most predictably great thing is to buy the HUGE dip — buying right here has just never not been awesome. pic.twitter.com/8suSJmWWdH
— Sam Trabucco (@AlamedaTrabucco) September 8, 2021
