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Just as Ethereum ($ETH) was beginning its upward trend and reaching a new $ATH, it faced a sharp correction. After surpassing $4,900 and reaching a new $ATH over the weekend, $ETH fell to $4,300 during the general correction.
Analysts maintained their bullish forecasts for $ETH despite the decline, with Standard Chartered analyst Geoffrey Kendrick also stating that the bullish forecast was valid.
According to Decrypt, Geoffrey Kendrick said that Ethereum's pullback after reaching a new $ATH presents a great opportunity for investors.
Arguing that the decline and current levels are a great entry point for $ETH, the analyst noted that their previous target of $7,500 by the end of 2025 remains valid.
Kendrick noted that Ethereum treasury companies and ETFs have purchased 4.9% of the $ETH in circulation since June. The analyst argued that this buying pressure played a significant role in $ETH's rise to $4,953 on Sunday.
Kendrick emphasized that the weekend rally was just the beginning for Ethereum, stating that $ETH is still undervalued and has higher potential for the future.
The analyst concluded by stating that $ETH treasury companies have more growth potential than BTC treasury companies and are even more attractive than spot Ethereum ETFs, adding, “We see $ETH treasury companies as a better asset than US spot $ETH ETFs.”
*This is not investment advice.