Kendrick from Standard Chartered supports the purchase of Ethereum and BMNR before the weekend

Geoff Kendrick, a Standard Chartered analyst, maintains a bullish stance on Ethereum despite the recent dip that has affected the cryptocurrency market this week. With ETH trading around $2.95K and recording a 1.87% decline over the past seven days, Kendrick identifies fundamental reasons that justify holding long positions in the digital asset in the coming days.

Kendrick’s Analysis: Fusaka Upgrade Drives Structural Change in Ethereum

According to Kendrick, Ethereum’s base layer network has experienced a significant change in its operational capacity following the December Fusaka upgrade. Kendrick’s analysis highlights that transaction counts have reached all-time highs in recent weeks, a behavior different from previous cycles when technical improvements failed to sustain long-term growth.

What’s different this time, Kendrick explains, is that Fusaka apparently has resolved previous bottlenecks, allowing more users and developers to execute transactions simultaneously. This capacity expansion marks a major break from past updates, transforming the current wave of activity into something structurally more solid than mere speculative spikes.

Bitmine Immersion: Sustained Purchases Reinforce Bullish Case

Kendrick emphasizes that Bitmine Immersion (BMNR), the largest corporate holder of ETH, has shown no signs of slowing down its acquisition strategy. In last week’s annual meeting, President Tom Lee outlined plans to intensify these purchases in the near future. Despite BMNR retreating nearly 9% during the week, continued Ethereum purchases maintain buying pressure on the asset.

From Kendrick’s perspective, this behavior suggests institutional confidence in Ethereum’s long-term fundamentals, especially considering the network’s new capacity to process unprecedented transaction volumes.

Macro Factors Favoring Kendrick and Risk Assets

Macroeconomic factors also reinforce Kendrick’s bullish outlook. The resolution of tariff-related risks involving Greenland, the rebound in the Japanese bond market after the panic sell-off earlier this week, and especially the increasing likelihood that Rick Rieder, BlackRock’s fixed income chief, will be appointed next Federal Reserve chair, all favor risk assets.

Kendrick points out that Rieder’s eventual appointment would keep the economy hot, directly benefiting cryptocurrencies and alternative assets. These factors, combined with Ethereum’s new capacity, create a favorable environment that Kendrick views positively.

Kendrick’s Final Weekend Recommendation

Given the technical developments, Bitmine Immersion’s continued purchases, and favorable macroeconomic factors, Kendrick summarizes his position clearly: “Holding long positions in ETH and BMNR over the weekend seems to offer a good risk/reward ratio.”

This Kendrick recommendation reflects his confidence that Ethereum has transcended its traditional speculative cycle, supported both by structural network changes and macroeconomic dynamics that currently favor digital assets over traditional hedges like gold.