Spot Ethereum ETFs Approval May 23: Standard Chartered
Standard Chartered Bank says the SEC may approve the Ethereum ETF on May 23, currently the last deadline for applications before the regulator. At that time, the price of Ethereum could rise above $4,000, the bank said in the report.
The U.S. Securities and Exchange Commission (SEC) may give the nod to the first-ever Ethereum ETF in May, Standard Chartered Bank said in a report on Tuesday.
In particular, the bank's analysts are watching the regulator approve the ATH Spot ETF on May 23. The bank's memo shared with clients and The Block reports, the May deadline is the filing deadline before the SEC.
“We expect pending applications for ETH US spot ETFs to be approved on May 23, taking into account the same deadline for the first ETFs – January 10 for BTC ETFs,” said Geoffrey Kendrick, Head of Forex and Digital Assets. There is a study done by Standard Chartered Bank.
ETH price may rise to $4,000.
The SEC recently delayed spot Ethereum ETF applications for BlackRock and Fidelity. However, if the regulator approves the ETF proposals before then, the price of Ethereum could increase. In the lead up to approval, Standard Chartered sees a potential rise to $4,000.
“If ETH prices are similar to how BTC prices have performed until the BTC ETF approval, ETH could sell as high as $4,000 by then.”
Following the application of BlackRock's spot Bitcoin ETF, the price of Bitcoin increased, from $25k to a high of $49k. As prices returned to a low of $43k, after rebounding from around $38.6k last week, the market rallied as the next BTC halving neared.
Ethereum rallied after BlackRock offered to acquire an ETH ETF in November, reaching above $2,700. The price of the leading altcoin is currently close to $2,375, as the altcoin market looks set to plunge from the benchmark kriptovalyutnogo side.
