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Standard Chartered Predicts Ethereum Reaching $8,000 Amid Upcoming ETF Approval.

Published 21/05/2024, 20:00
© Reuters.  Standard Chartered Predicts Ethereum Reaching $8,000 Amid Upcoming ETF Approval.
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  • Standard Chartered forecasts Ethereum hitting $8,000 by year-end, anticipating imminent SEC approval of Ethereum ETFs.
  • Ethereum ETF approval could attract $15B-$45B in the first year, mirroring Bitcoin’s ETF impact and driving significant price growth.
  • SEC progress on Ethereum ETFs has raised approval odds from 25% to 75%, sparking above 21% price surge to $3,760.17 in 24 hours.

Standard Chartered, a renowned financial institution, has upheld its projection of Ethereum hitting $8,000 by year-end. It anticipates the approval of Ethereum ETFs in the coming weeks. Geoff Kendrick, the Head of FX Research and Digital Assets Research at Standard Chartered, expressed confidence in a forthcoming green light from the SEC for Ethereum ETFs.

Kendrick disclosed that the bank estimates a substantial influx of 15-45 billion dollars within the initial 12 months; post-approval of Ethereum ETFs, potentially driving Ethereum’s value to the predicted $8,000 mark. This sentiment aligns with Standard Chartered’s parallel projections for Bitcoin ETFs, demonstrating a consistent outlook across major cryptocurrencies.

Moreover, Kendrick highlighted that if Ethereum ETFs secure approval, Ethereum’s trajectory could mirror Bitcoin’s, maintaining a 5.4% price ratio throughout 2024. This assertion follows Standard Chartered’s previous forecast of Bitcoin reaching $150,000 by the end of 2024, which, extrapolated, suggests Ethereum’s price could soar to $8,000.

While the SEC has requested amended filings for 19b-4, signaling progress toward Ethereum ETF approval, the outcome remains uncertain. Nevertheless, Bloomberg ETF analysts have raised the likelihood of approval from 25% to 75%, buoying market sentiment surrounding Ethereum.

This optimistic outlook follows the SEC’s earlier approval of spot Bitcoin ETFs this year. After the SEC approved the 19b-4 forms for Bitcoin ETFs, issuers’ registration statements had to become effective before trading could commence.

As the May 23 and May 24 deadlines for VanEck and Ark Invest/21Shares’ Ethereum ETFs approach, market participants eagerly await the SEC’s decision, poised for potential market-shaping outcomes.

A favorable ruling could catalyze a new wave of institutional investment in Ethereum, further solidifying its position in the digital asset landscape. In response to these developments, Ethereum’s price surged 21.61% to $3,760.17 within 24 hours, as indicated by CoinMarketCap. Concurrently, it has risen by 30.25% over the past week.

The post Standard Chartered Predicts Ethereum Reaching $8,000 Amid Upcoming ETF Approval. appeared first on Coin Edition.

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