Standard Chartered cuts ether price target to $4,000

Standard Chartered has reduced its year-end price target for ether from $10,000 to $4,000, citing ongoing weakness in the cryptocurrency. Ether is currently trading at $1,932, down 42% this year and at its lowest since 2023. The firm expects ether's price to more than double this year but acknowledges continued underperformance compared to bitcoin. Factors affecting ether include increased competition and lower transaction fees since a recent upgrade. Analyst Geoff Kendrick noted that while ether still holds significant market shares in decentralized finance and tokenized assets, its dominance is declining. He highlighted the impact of Layer 2 solutions, which are drawing investment away from Ethereum.