The upward trend of Ethereum, which will influence the future of cryptocurrencies, Standard Chartered has a bullish outlook

As the overall cryptocurrency market undergoes a correction, positive developments surrounding Ethereum are attracting attention. Jeff Kendrick of Standard Chartered points out that multiple factors are poised to test the upper limits of the future cryptocurrency market, interpreting the current market environment through the trends of large institutional investors and macroeconomic changes.

As of January 29, 2026, ETH is trading around 2.93K, down 2.48% over the past seven days, but still down only 4.78% since the beginning of the year. Meanwhile, Bitmine Immersion (BMNR), the largest corporate holder of Ethereum, is also in a correction phase, but analysts are focusing more on structural improvements rather than short-term price movements.

Surge in Chain Activity After Fusaka Upgrade, Transaction Count Hits Record High

Kendrick emphasizes the substantial changes in the Ethereum network infrastructure. The Fusaka upgrade implemented in December significantly alleviated previous capacity bottlenecks and dramatically increased on-chain transaction processing capabilities. As a result, the number of transactions on the network has reached new record highs, confirming that actual network usage is progressing beyond mere price trends.

A key difference from past upgrades is that this improvement is having a tangible impact on long-term network growth. With more users and developers able to process transactions efficiently, this marks an important turning point in the practicality of cryptocurrencies. Kendrick analyzes that this substantial capacity increase clearly distinguishes the current wave of activity from previous rallies.

Continued Acquisition of Bitmine Immersion and FRB Chair Appointment as Tailwinds

Bitmine Immersion shows no signs of slowing its purchase pace; at last month’s annual meeting, Chairman Tom Lee confirmed plans for further acquisitions. This ongoing large-scale institutional buying indicates a strong confidence in Ethereum and other crypto assets.

Additionally, macroeconomic factors are providing tailwinds. The market rebounded from panic selling earlier this week, and concerns over tariffs related to Greenland have eased somewhat. Furthermore, the likelihood of Rick Rieder, BlackRock’s head of bond investments, becoming the next Federal Reserve Chair is working in favor of risk assets overall. Kendrick notes, “Mr. Leader is likely to pursue monetary policies that stimulate the economy, which is a positive scenario for cryptocurrencies.”

Investment Strategies Moving Forward in the Cryptocurrency Market

Considering these combined factors, short-term positioning ahead of the weekend is being considered. Kendrick assesses that “a favorable risk-reward environment is gradually taking shape” for ETH and Bitmine Immersion, making them important options for future market developments.

From a broader market perspective, the structural support for future upside attempts is built on three elements: substantive improvements from the upgrade, ongoing involvement of large institutions, and macroeconomic improvements. Even during short-term corrections, investors contemplating long-term positioning in cryptocurrencies can interpret the current levels as supported by multiple bullish factors, suggesting a resilient market outlook.