Standard Chartered expects approval of Ethereum ETFs this week.
Standard Chartered expects SEC approval this week for Ethereum ETFs. By the end of 2024, Ether's price could reach $8,000, the bank predicted $15-45 billion in revenue.
Standard Chartered expects the US Securities and Exchange Commission (SEC) to approve Ethereum (ETH) ETFs this week.
If this happens, it could herald a massive influx of capital into the Ether market, with revenue estimated at between $15 billion and $45 billion in the 12 months following approval.
Critical Ether ETFs proposal timelines
The SEC is approaching critical deadlines for several Ether ETF proposals, with VanEck's submission on May 23rd and ArchInvest/21Shares' on May 24th.
Jeff Kendrick, Head of FX Research and Digital Assets at Standard Chartered, said the approval of the Spot Ether ETF will drive significant market activity, with flows expected to range from 2.39 million to 9.15 million Ether.
Kendrick emphasized that these returns, as a percentage of market capitalization, compared to bitcoin ETFs, have proven to be accurate predictors of market behavior.
Ethereum (ETH) price predictions
In light of this, Standard Chartered has reiterated its ambitious price target for Ethereum (ETH), predicting that it will reach $8,000 by the end of 2024. It is expected to reach $150,000 by the end of the year.
The bank's outlook widens even further by predicting that the price of Ethereum (ETH) could rise to $14,000 by the end of 2025, while Bitcoin has surprisingly reached $200,000.
These optimistic targets show the impact ETF approvals can have on the broader cryptocurrency market.
SEC Requests 19b-4 Amendments to Ethereum ETFs
The approval process received further support on Monday when the SEC filed a 19b-4 amendment to spot ether ETFs.
Although not guaranteed, this move represents progress. However, the likelihood of approval is significantly strengthened.
Bloomberg ETF analysts James Seifert and Eric Balchunas raised their probability estimate from 25 percent to 75 percent because of the SEC action.
Update: @JSeyff and I are raising the SpaceEther ETF approval to 75% (vs. 25%), hearing that the SEC might do a 180 on this (politically) this afternoon and now everyone is reeling (assuming no one else is banned like us). look out…
— Eric Balchunas (@EricBalchunas) May 20, 2024
Reflecting the growing optimism, the price of Ethereum rose more than 19% in the past 24 hours to $3,782.68 as of 12:28 PM ET on May 21.
The broader cryptocurrency market rose 9.25% to 148.75, while the GM30 index rose 9.25%.
