Geoff Kendrick, the top analyst at Standard Chartered, is placing a strong bet on the U.S. Securities and Exchange Commission (SEC) approving Ethereum exchange-traded funds (ETFs) by the end of this week. If this happens, it could result in billions of dollars flowing into Ether in just the first year, potentially driving its price up to $8,000 by the end of 2024.
The SEC’s decision is expected to come soon, with key deadlines for spot ETH ETF applications from VanEck on May 23 and Ark Invest-21Shares on May 24. Kendrick’s high confidence level of 80% to 90% aligns perfectly with the timing. He believes that these ETFs will receive regulatory approval.
If Kendrick’s prediction is accurate, it will have significant financial implications. This influx of funds into Ethereum would mirror the impact seen with Bitcoin ETFs, which validates Kendrick’s projections. He also believes that if spot Ethereum ETFs are approved, Ethereum could keep pace with Bitcoin. With Bitcoin expected to reach $150,000 by the end of 2024, Ether’s value could soar to $8,000, maintaining the current 5.4% price ratio between the two cryptocurrencies.
Kendrick’s forecasts extend beyond 2024. He expects even higher peaks for both Bitcoin and Ethereum by the end of 2025. Standard Chartered’s estimates suggest that Bitcoin could reach $200,000, implying an Ethereum price of $14,000. These projections align with the bank’s previous targets for Ethereum, further solidifying their bullish outlook on the top altcoin.
The price of Ether experienced a surge on Monday, May 20, as optimism increased in the community due to the anticipation of ETF approval. This surge also lifted other major cryptocurrencies, paving the way for bullish market sentiment. Esteemed Bloomberg analysts James Seyffart and Eric Balchunas share this sentiment, as they have raised their odds of spot ETH ETF approval to 75%, up from a mere 25%.
The SEC’s decision on Ethereum ETFs coincides with the deadlines for some of the issuers mentioned earlier. Fidelity Investments has revamped its S-1 application to better align with the SEC’s approval odds, particularly regarding staking the Ether tokens that will underpin the product. Grayscale, on the other hand, has filed an updated 19b-4 for its Ethereum Mini Trust. They believe that approving the Grayscale Ethereum Mini Trust will benefit current ETHE shareholders, as it would provide the same exposure with a lower fee.
This is just the beginning for Grayscale’s mini Ethereum trust, and it may not be included in the first wave of potential approvals, according to James Seyffart.
Source: Cryptopolitan
