tl;dr
Standard Chartered projects Ethereum reaching $8,000 by year-end, anticipating SEC approval of Ethereum ETFs, which could attract $15-45 billion in the first year. SEC progress has raised approval odds from 25% to 75%, sparking a 21% price surge to $3,760.17 in 24 hours. The bank expects substantial...
Standard Chartered Forecasts Ethereum Reaching $8,000 Standard Chartered forecasts Ethereum reaching $8,000 by year-end, banking on imminent SEC approval of Ethereum ETFs.
Ethereum ETF approval could attract $15B-$45B in the first year, mirroring Bitcoin's impact and driving significant price growth.
SEC's progress on Ethereum ETFs raises approval odds from 25% to 75%, sparking a 21% price surge to $3,760.17 in 24 hours.
Standard Chartered projects Ethereum reaching $8,000 by year-end, anticipating SEC approval of Ethereum ETFs, which could attract $15-45 billion in the first year. SEC progress has raised approval odds from 25% to 75%, sparking a 21% price surge to $3,760.17 in 24 hours. The bank expects substantial inflows post-ETF approval, potentially driving Ethereum's value to the projected $8,000 mark. This aligns with previous Bitcoin ETF projections, maintaining a consistent outlook across major cryptocurrencies. Approval of Ethereum ETFs could lead to a new wave of institutional investment, solidifying its position in the digital asset landscape.
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.
Standard Chartered analyst Geoff Kendrick expects the ETH SPOT ETF to be approved this week, leading to inflows of $15 billion to $45 billion in the first 12 months, ETF could push ETH to $8,000 by the end of 2024. Bitcoin will reach $150,000 by the end of 2024.
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.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See…
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.