ChatGPT4o establishes Ethereum price as 800 billion bank joins ETH spot trading
Ethereum (ETH) has been gaining the attention of traditional financial institutions, and now, Standard Chartered, a banking behemoth with over $822 billion in assets under management (AUM), has joined the fray.
According to a report by Bloomberg, Standard Chartered is planning to introduce Ether and Bitcoin (BTC) in a new cryptocurrency trading desk. If successful, this move would make StanChart the first major global bank to offer such a service.
In a statement, the bank said, “We have been working closely with our regulators to support demand from our institutional clients to trade bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.”
Additionally, the bank has already invested in crypto-focused companies like Zodia Custody and Zodia Markets. Standard Chartered also launched Libeara, a blockchain unit, to help institutions tokenize real-world assets, a use case that leverages Ethereum’s network.
The bank is optimistic about the crypto sector, with a prediction that Bitcoin will reach $150,000 in 2024, as reported by Finbold. In light of this, we turned to ChatGPT-4o for a price forecast on Ethereum, considering the recent endorsement from Standard Chartered.
Notably, OpenAI’s flagship product, ChatGPT-4o, highlighted that increased institutional adoption is a driving force for Ethereum’s demand. The AI chatbot presented three scenarios addressing a bullish, a moderate, and a bearish outlook.
In the first scenario, ChatGPT forecasts ETH to trade between $6,000 and $9,000 by mid-2025, assuming positive regulatory developments, successful Ethereum spot ETF launches, and increased institutional adoption. A more moderate scenario puts Ether between $4,500 to $6,000, considering a continued but not explosive inflow of institutional funds. Meanwhile, Ethereum could remain at its current level between $3,000 to $4,000 if things do not materialize as expected.
As of the time of writing, Ethereum is trading at $3,496 per token, demonstrating strong momentum in the one-year price chart. The leading Web3 cryptocurrency has seen an 86% year-over-year gain, positioning itself for a significant surge if conditions remain favorable. A rally to the AI targets would result in up to 157% gains from current prices.
However, it’s important to note that ChatGPT-4o’s predictions are not infallible, and Ethereum’s success is heavily dependent on the demand that its network can attract. New cryptocurrencies are continually emerging, some offering notable competitive advantages over Ethereum. Investors should exercise caution and conduct thorough research to stay informed about the market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and as such, your capital is at risk.