Standard Chartered Bank expressed its confidence that Ethereum ETF will be approved this week. Geoff Kendrick stated that he was confident in the Ethereum ETF approval this week. “80% to 90%” The regulatory authority has given the go-ahead for Ethereum ETFs.
VanEck, Ark Invest/21Shares and VanEck are all set to apply for the spot ETH ETF by May 24.
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Ethereum price targets and potential inflows
Kendrick believes that the approval of Ethereum spot ETFs will lead to a substantial increase in cryptocurrency. Standard Chartered believes that the ETFs will attract anywhere between 2,39 million to 9,15 million ETH within 12 months of their approval. In U.S. dollars, this equates roughly to $15 billion up to $45 billion.
Kendrick noted also that Standard Chartered’s predictions for Bitcoin ETFs have been accurate so far.
Kendrick provided more detail in a Tuesday analysis note to The Block about Standard Chartered’s ETH price targets. In the event that spot Ethereum exchange-traded funds are approved by the end of this week, Standard Chartered expects the ether price to remain at the same level as Bitcoin for the remaining years in 2024. Standard Chartered has projected that bitcoin will reach $150,000 at the end of 2024. This would equate to an ETH value of $8,000
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Standard Chartered reiterated that it expects ETH to reach $14,000 per coin by 2025. The bank estimates BTC prices at $200,000.
Price of ETH has risen by more than 22% over the last 24 hours. At press time, ETH’s price is $3,767.
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Source: watcher.guru
