While the cryptocurrency market had volatile hours in the last 24 hours, Bitcoin fell to $ 65,000 and Ethereum dropped to $ 3500.
While the direction of BTC and ETH is not yet clear, JPMorgan, the largest bank in the USA, has published a new report on Ethereum and Coinbase.
JP Morgan analysts said the Ethereum network and ETH could make a significant contribution to the broader cryptocurrency ecosystem and be a positive driver of Coinbase (COIN) earnings, Coindesk reported.
At this point, analysts, who think that Ethereum will have a positive impact on Coinbase's revenue, increased the price target for COIN stock from $ 95 to $ 150.
JP Morgan analysts led by Kenneth Worthington included the following statements about Etheruem and Coinbase in the report:
“Ethereum use cases extend beyond the cryptocurrency ecosystem. At this point, we think the Ethereum network and ETH will provide a strong source of revenue for Coinbase in the near term.
We also see the advancements in the Ethereum roadmap, including the Dencun upgrade on March 13, as encouraging crypto development, which is a positive development for both the crypto market and Coinbase in the long term.
Ultimately, we believe that Coinbase's long-term success will be driven by development focused on tokenization and payments.”
*This is not investment advice.