Geoff Kendrick's Case for Holding Ether and Bitmine Immersion Through March Rally

Standard Chartered’s leading crypto strategist Geoff Kendrick is making a compelling bull case for ether despite recent weakness, pointing to a confluence of positive technical, fundamental, and macroeconomic developments emerging across crypto markets. While ETH has faced significant selling pressure alongside the broader digital asset complex in recent weeks, Kendrick argues the current environment presents attractive entry opportunities for patient investors.

Network Activity Reaches New Heights on Fusaka Success

Geoff Kendrick highlighted a critical shift in Ethereum’s trajectory following December’s Fusaka upgrade: transaction volumes on the base layer have climbed to fresh all-time highs, signaling genuine network expansion rather than superficial price momentum. This marks a pivotal departure from previous upgrade cycles, where technical improvements failed to translate into sustained user adoption or onchain activity growth.

The upgrade has demonstrably eased capacity constraints that have plagued the network through multiple market cycles. Unlike historical upgrades that struggled to unlock meaningful network growth, Fusaka appears to be succeeding where predecessors fell short—enabling developers and users to execute transactions with improved throughput and reduced congestion. According to Kendrick’s analysis, this capacity relief represents the foundation for this cycle’s activity spike, distinguishing it from past rallies built largely on speculative sentiment.

Currently trading at $2,150, ETH has declined 8.82% over the past week but gained 8.67% year-to-date. This price action reflects lingering uncertainty despite the positive on-chain developments Kendrick emphasizes.

Bitmine Immersion’s Relentless Accumulation Strategy

Geoff Kendrick also points to the continued aggressive purchasing by Bitmine Immersion, the largest corporate holder of ETH, as a meaningful signal of confidence. At a recent annual shareholders meeting, Chairman Tom Lee reaffirmed the company’s commitment to accelerated ether acquisitions, signaling that insider conviction remains robust despite near-term price volatility.

Bitmine Immersion (BMNR) itself has experienced modest pressure, declining 8.97% weekly but remaining up 10.20% year-to-date. Yet this pullback has not deterred Lee or the company’s board from their accumulation thesis. For Kendrick, this insider buying serves as a counterweight to retail capitulation, suggesting sophisticated actors view current levels as opportune entry points.

Macroeconomic Backdrop Supports Risk Assets

Beyond the digital asset ecosystem, Geoff Kendrick emphasizes that broader macro conditions have shifted favorably for crypto. The de-escalation of tariff uncertainties related to Greenland, a stabilization in Japanese bond markets following the earlier panic selloff, and the rising probability that BlackRock’s fixed income chief Rick Rieder will assume the Federal Reserve chair position all create a supportive environment for higher-risk assets.

Kendrick argues that a Rieder-led Fed would likely maintain a more growth-oriented monetary policy stance. “A more accommodative policy regime should benefit risk assets across the board, including crypto,” the analyst noted, suggesting that macro tailwinds could provide additional fuel for the ether rally.

Bitcoin Firm Above $70K as Geopolitical Tensions Ease

Bitcoin has stabilized above $70,550 following U.S. President Donald Trump’s announcement of a temporary pause on military strikes targeting Iranian energy infrastructure. This geopolitical de-escalation has reduced near-term recession risks and unwound some of the risk-off positioning that had pressured markets earlier in the week.

Altcoins including Solana and Dogecoin rose approximately 5% alongside ether’s stabilization, while crypto-linked equities rallied with broad equity indices. The S&P 500 and Nasdaq each gained roughly 1.2%, indicating that risk appetite has returned to mainstream markets as well.

Outlook: Kendrick’s Risk-Reward Assessment

According to Geoff Kendrick, the current confluence of technical improvement, insider accumulation, and supportive macroeconomic conditions creates a favorable risk-reward setup for ether and Bitmine Immersion entering the coming weeks. Analysts remain focused on whether oil prices and shipping stability through the Strait of Hormuz persist—a stabilization scenario could allow BTC to retest the $74,000-$76,000 range, while deterioration could pull prices back toward the mid-$60,000s.

For now, Kendrick’s thesis suggests that remaining long positioned into near-term weakness represents a prudent tactical approach, particularly given the structural improvements Ethereum has achieved and the continued conviction from major corporate holders like Bitmine Immersion.