Standard Chartered Backs Ethereum Treasury Stocks—But Here’s What ETH’s Price Is Actually Doing
Standard Chartered has issued a bold call: Ethereum treasury stocks may be a smarter investment than the newly launched spot ETH ETFs.
But while institutions begin pivoting their exposure strategies, Ethereum’s price action is telling a far more cautious story on the charts.
Standard Chartered: Treasury Stocks Offer the Edge Over ETFs
In a new analysis, Standard Chartered’s Geoff Kendrick argued that companies adding ETH to their balance sheets — in the spirit of Michael Saylor’s Bitcoin playbook — are now more attractive than traditional ETFs for gaining ETH exposure.
Kendrick emphasized that many of these ETH-holding firms are now trading at normalized NAV multiples near 1.0, meaning their market caps closely reflect the value of their ETH reserves. This is a sharp correction from early hype-driven multiples as high as 2.5.
Biggest ETH treasuries (Source: StrategicETHReserve)
He believes this new pricing makes treasury companies “very investable,†particularly as they offer a form of regulatory arbitrage and equity upside that ETFs do not.
In fact, Kendrick revealed that ETH treasury companies and ETFs have acquired nearly equal amounts of Ethereum since June — about 2,000 ETH each, roughly 1.6% of circulating supply — but he maintains that stocks like SharpLink Gaming (SBET) and BitMine Immersion Technologies (BMNR) are now the better buy.
Standard Chartered is also holding firm on its year-end price target of $4,000 for ETH, suggesting the bank expects the bullish fundamentals to eventually reflect in price.
Ethereum’s Daily Chart Is Stuck in a Holding Pattern
Despite the institutional optimism, Ethereum’s price is struggling to break through key resistance levels. The ETH/USDT daily chart shows the price stalling just under the $3,687–$3,694 zone, with a broader ceiling at $3,762.
Daily chart for WETH/USD (Source: GeckoTerminal)
Technical indicators offer mixed signals. The 9- and 20-day EMAs are tilting slightly upward, which typically supports bullish continuation — but the narrowing gap between them suggests momentum is stalling. The MACD histogram has been sliding deeper into the negative, hinting at a fading uptrend. RSI remains in neutral territory and is no longer gaining ground.
In short: the bulls aren’t in control — yet — and the bears haven’t taken over. ETH is coiling, and the breakout direction remains uncertain.
Ethereum Order Book Analysis: A Tense Tug-of-War
A peek at the ETH/USDT order book supports this indecisiveness. On the sell side, ask walls at $3,671.59, $3,674.10, and $3,677.00 are creating short-term resistance. Clearing those could allow the price to nudge upward — but each wall must be absorbed first.
On the buy side, bid walls at $3,653.62, $3,655.93, and $3,663.95 are providing a soft floor. If any of these walls fall, it could prompt a quick dip toward the $3,628 or even $3,469 support zones.
These levels suggest whales and institutions are actively playing both sides, reinforcing the rangebound nature of ETH’s current state.
ETH Trade Setups: Longs Wait for Breakout, Shorts Eye Weakness
For bullish traders, the play is clear: wait for a confirmed break above the $3,694 resistance range, ideally on increased volume. That could open the door toward the $3,762 zone, with stops just below the $3,650 level to limit downside risk.
For bearish traders, a failure to clear resistance combined with a drop below the $3,653 bid wall could trigger a short opportunity. The first target would be $3,628, with deeper support at $3,469 acting as a secondary profit zone.
Conclusion: Narrative vs. Price Action
Standard Chartered’s case for ETH treasury stocks being more attractive than ETFs is gaining traction — and could shape the long-term narrative around institutional Ethereum adoption. Their bullish price target and faith in ETH’s structural upside echo broader investor sentiment.
However, Ethereum’s daily chart is not yet confirming that optimism. For now, ETH remains boxed in between tight resistance and firm support. Until the Ethereum price breaks out of this compression zone, short-term traders will likely remain on the sidelines or scalp within the range — while long-term investors may take Kendrick’s thesis to heart.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.
