Borovik's $60,000 Ethereum (ETH) Forecast Runs Into $3,175–$7,500 Tracker Targets

Borovik's $60,000 Case Against the Trackers

Ethereum (ETH) price stands at $2,390, down 2% over the past 24 hours and still confined to a broad range, and the debate over what that range resolves into has split into two camps with almost no common ground. The analyst Borovik set out how Ethereum (ETH) could reach $60,000 in a post on X dated October 18, resting the case on settlement volume rather than chart momentum. His arithmetic starts from Fidelity data showing Ethereum moved more than $20 trillion in stablecoins over the 12 months through June 2026, with the network holding roughly 48% of global stablecoin supply. The projection then runs forward through Citi's estimate of about $100 trillion per year in stablecoin transfers by 2030: if Ethereum keeps that 48% share, roughly $48 trillion a year would settle on the network. That flow share is the whole engine of the thesis. Market trackers work from a different starting point entirely. The 2026 targets they have published sit between $3,175 and $7,500, which puts $60,000 outside the consensus band and at the extreme end of much longer-dated projections. The distance is not a rounding error. From $2,390, reaching $60,000 requires a 2,410% gain, and the real dispute is whether current catalysts justify treating that figure as a plausible base case or as a tail scenario. Borovik closes his post with a declared bullish stance rather than a dated path, which leaves the thesis resting on flow assumptions rather than a schedule. Regulators have been active on the same theme: the US Treasury closed its stablecoin rules comment period as the token's plumbing drew policy attention. Our reading is that the two positions are not measuring the same thing, since one projects flow share decades out while the other prices the tape in front of us.

@3orovik · X post

How ETH could reach $60,000.

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JPMorgan's Deposit Token, Thailand's ETF Rules, Sepolia

The institutional access story gives the bull case its most concrete support. JPMorgan is bringing its JPM Coin deposit token to Ethereum (ETH) for institutional clients, a bank-issued instrument that runs as a smart contract on a public network instead of staying inside the bank's own ledger. Deposit tokens of this kind let a bank represent customer deposits as transferable on-chain instruments, which means institutional settlement touches public infrastructure directly. Thailand has also introduced rules for Bitcoin and Ether ETFs, a framework that would widen regulated access in Southeast Asia. On the protocol side, the Glamsterdam upgrade has advanced to the Sepolia testnet, the last public rehearsal stage before mainnet deployment. Each development strengthens the access-and-confidence side of the ledger. Against it, the market has been slow to reward the story: Ethereum has underperformed Bitcoin this year and ETF flows have shown signs of fading, which leaves much of the adoption gain unpriced. The chart grades that tension. Ethereum (ETH) sits near the $2,380 support area, below resistance around $2,450–$2,480 where the 50-day exponential moving average also rests, with the latest 24-hour range at $2,370–$2,420. A sustained close above $2,500 would improve the short-term structure; until then the action reads as consolidation rather than a confirmed trend reversal. A break under $2,380 would expose broader support around $2,313–$2,360, and losing that zone would weaken the near-term setup. None of the three developments changes the $60,000 arithmetic on its own. JPMorgan's token moves institutional deposits, Thailand's rules remain a framework rather than flowing products, and Glamsterdam's impact depends on upgrade progress. What they change is the credibility of the network that Borovik's flow math assumes, which is why both camps are watching the same tape for different confirmations.

The disagreement turns on a single assumption, and it is the one a reader can actually watch: whether settlement volume converts into ETH value. Flow across the network only lifts the price if it generates demand for block space and pushes the gas fee market higher, and neither Borovik's post nor the tracker targets states that conversion rate. Tom Lee's outlook for ETH well above $10,000 in 12 months sits between the two poles but rests on treasury accumulation, not settlement math. Until fee revenue from stablecoin settlement becomes measurable, our Ethereum technical analysis keeps the near-term map where it has been: $2,380 support, $2,500 resistance.