So Ethereum’s been on a bit of a run lately, hasn’t it? After some pretty wild swings, it’s still holding strong. And according to one analyst at Standard Chartered, Geoffrey Kendrick, it might not be done climbing just yet. He’s sticking with a year-end target of $7,500, which is, well, ambitious. But his reasoning is worth a look.
Where’s All The ETH Going?
Kendrick points to two main things: big money is piling in, and the available supply on exchanges is getting thinner. Since June, he notes that corporate treasury firms and the new spot ETFs have collectively scooped up roughly 7.5% of the entire circulating supply of Ethereum. That’s a huge amount in such a short window.
And he thinks that number could eventually reach 10%. When you have that much supply getting locked away by institutions that aren’t day-trading, it naturally puts upward pressure on the price. It just does. Basic economics, I suppose.
The Exchange Drain Continues
This isn’t just theory, either. We’re seeing the movement happen in real time. Trackers noted over 74,000 ETH—something like $340 million—flowed off exchanges in a single day recently. A lot of that came from Binance.
Why does that matter? Well, coins leaving exchanges are typically seen as a bullish signal. It usually means they’re being moved into cold storage or custody for the long haul, not being readied for a quick sale. It reduces the immediate selling pressure.
Sure, ETH dipped about 5% on Tuesday. But it bounced back. As of now, it’s trading around $4,618, up over 4% in a day.
What’s Next on the Chart?
Traders seem to be watching the $4,600 level closely. If it can push through and hold above that, the next targets are around $4,700 and then $4,800. Its all-time high from late August sits near $4,950, so that’s the big hurdle to clear.
But Kendrick’s $7,500 forecast is another story. That would require a nearly 60% jump from here. It’s a scenario that depends entirely on these institutional flows not just continuing, but perhaps even accelerating. And it assumes no major economic or regulatory surprises.
A Word of Caution
It’s also worth noting that not all this corporate activity is the same. Some companies are being valued based on their ETH holdings, which is interesting. But buying ETH for a corporate treasury isn’t the same as permanently taking it out of circulation, like staking or an ETF custodian does. The coins could, in theory, come back to the market.
The overall picture looks positive, perhaps. But it’s built on a few key assumptions. If investor sentiment shifts quickly or something unexpected happens, these flows could reverse. Fast. Crowded trades can be dangerous that way.
So yeah, there’s a case for more gains. But maybe don’t bet the farm on it.
