Geoffrey Kendrick said that Ethereum’s pullback after reaching a new ATH presents a great opportunity for investors.
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.”
