Ethereum ETF Could Skyrocket ETH by 70% to $4000, Says Standard Chartered

• Ethereum (ETH) ETF Approval Could Propel Asset's Price to $4000, States Standard Chartered
• Ethereum's Trajectory to Mirror Bitcoin's, Analyst Suggests
• Ethereum ETF Approval: A Possibility in May 2024?
• Standard Chartered's Bullish Outlook on Ethereum

Ethereum (ETH) ETF Approval Could Propel Asset's Price to $4000, States Standard Chartered

A recent analysis by global financial institution Standard Chartered suggests that the approval of a spot Ethereum$2,315 -2.42% (ETH) Exchange Traded Fund (ETF) could potentially propel the digital currency's value to $4000. This would represent an estimated growth of approximately 70% from its current market value.

Ethereum's Trajectory to Mirror Bitcoin's, Analyst Suggests

Standard Chartered analyst Geoff Kendrick conjectures that ETH's future performance could be a reflection of Bitcoin$42,260 -0.64%'s (BTC) trajectory. The Securities and Exchange Commission's (SEC) recent approval of 11 spot BTC ETFs was regarded as a significant development for the domain of cryptocurrency. This has sparked anticipation for a similarly positive ruling concerning Ethereum.

Ethereum ETF Approval: A Possibility in May 2024?

Based on the report by Standard Chartered, an approval for a spot ETH ETF from the US SEC could come as early as May 2024. Although there might initially be a delay in the commission's decision, it is nonetheless expected to eventually endorse the applications.

Speaking on the future prospects of ETH, Kendrick stated, Pending applications for ETH U.S. spot ETFs are expected to be approved on May 23, which is the final deadline for the first of the ETFs under consideration. If ETH prices perform similarly to BTC prices in the lead-up to BTC ETF approval, ETH could trade as high as $4,000 by then.

He further emphasized that there is no substantial reason for the SEC to differentiate between Ethereum and Bitcoin.

Standard Chartered's Bullish Outlook on Ethereum

In addition to these insights, Standard Chartered has previously shared its optimistic perspective on Ethereum, which is currently the second-largest crypto by market cap. In a prior report, the bank projected that ETH could attain a price of $8,000 by 2026, representing a stunning growth of over 242% from present levels.

But the predictions of Standard Chartered don't end here. The bank envisions ETH to eventually reach a price of $35,000 in the long term. Achieving such a figure would equal a growth of nearly 1400% from current price levels.

Edited by Jonathan Stoker