CDS Crypto News Standard Chartered Projects Ether ETF Approval and 8,000 Dollars Price by Year-End
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Standard Chartered Projects Ether ETF Approval and 8,000 Dollars Price by Year-End

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Standard Chartered Projects Ether Etf Approval And 8,000 Dollars Price By Year-End

Standard Chartered: Ether ETF On Track for Approval This Week, Year-End Target Raised to $8,000

Crypto New- Standard Chartered expects the U.S. Securities and Exchange Commission (SEC) to approve ether ETFs this week.

The first round of spot ether ETF deadlines is approaching quickly, with VanEck’s on May 23 and Ark Invest/21Shares’ on May 24.

In an interview with The Block, Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, expressed high confidence in the approval, stating he is “80% to 90%” sure it will happen this week.

Kendrick also projected significant inflows following the approval, estimating that spot ETFs could attract between 2.39 and 9.15 million ether in the first year, translating to $15 billion to $45 billion in U.S. dollar terms. He noted that these inflows would be comparable, as a percentage of market cap, to those seen with bitcoin ETFs, which have met expectations.

Year-end Ether Price Target of $8,000

In an analysis note to The Block on Tuesday, Kendrick suggested that if ether ETFs are approved this week, ether’s price could track bitcoin’s performance, maintaining the current 5.4% price ratio through the end of 2024. Based on Standard Chartered’s forecast of bitcoin reaching $150,000 by year-end, this implies an ether price of $8,000.

Looking further ahead, Kendrick reiterated the bank’s March forecast, suggesting that with bitcoin potentially hitting $200,000 by the end of 2025, ether could rise to $14,000.

SEC Requests Amended Filings

On Monday, the SEC requested updates to 19b-4 filings for spot ether ETFs ahead of this week’s deadlines, indicating possible progress toward approval. However, approval is not yet certain.

Following the SEC’s request, Bloomberg ETF analysts James Seyffart and Eric Balchunas raised the probability of approval from 25% to 75%.

In the past 24 hours, ether’s price has surged over 19%, reaching $3,719 as of 6:49 a.m. ET, according to The Block’s Price Page.

Standard Chartered Projects Ether Etf Approval And 8,000 Dollars Price By Year-End

FAQs

What is an Ether ETF?

An Ether ETF (Exchange Traded Fund) is a financial product that allows investors to buy and sell shares of ether (ETH) on a stock exchange. This enables investors to benefit from ether price movements without directly owning ether.

Why is the approval of Ether ETFs significant?

The approval of Ether ETFs is significant because it provides greater access for both institutional and retail investors to the cryptocurrency market. This can increase liquidity and potentially have a positive impact on ether prices.

How confident is Standard Chartered about the approval of Ether ETFs?

Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, stated that he is “80% to 90%” confident that Ether ETFs will be approved this week.

For the latest in crypto updates, keep tabs on Crypto Data Space.

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