Ether (ETH) has been on a big run of late, but it’s just getting started, according to Standard Chartered’s Geoff Kendrick.

Citing surging institutional demand, favorable regulation, and network upgrades, Kendrick lifted his year-end price target for ETH to $7,500 from $4,000 and his end-2028 target to $25,000 from $7,500. Up more than 50% over the past month, ether is currently trading hands just beneath its record high at $4,700.

Alongside, he expects continued outperformance over bitcoin (BTC), forecasting the ETH/BTC ratio to rose to 0.05 from the current 0.039.

Ether treasury companies and spot exchange-traded funds have purchased 3.8% of all ETH in circulation since early June, Kendrick said, adding that this was twice the fastest pace of comparable bitcoin buying.

The second-largest cryptocurrency has also received a regulatory boost from the passage of the U.S. GENIUS Act in July, which paves the way for mainstream stablecoin adoption. More than half of all stablecoins are issued on Ethereum, and these cryptocurrencies already account for 40% of blockchain fees, Kendrick noted.

Network growth is a tailwind. Ethereum developers aim to boost Layer 1 throughput by 10x, positioning the chain for higher-value transactions and expanding Layer 2 ecosystems, the report added.

Companies that are buying ether for their treasury strategy are a better buy for investors than ETH spot exchange-traded funds, the bank said in a report earlier this month.

Read more: Ethereum Treasury Stocks ‘Better Buy’ Than ETH ETFs, Standard Chartered Says