Standard Chartered Forecasts Approval of Ethereum ETF This Week, Projects $8000 ETH Price by Year End

Standard Chartered’s Confidence in Ethereum ETFs

British multinational banking giant Standard Chartered maintains its $8000 ETH prediction for 2024, showing confidence as the odds of an Ethereum ETF approval in the United States have become more optimistic.

Predictions for Ethereum ETF Approval

In a recent conversation with The Block, the bank expressed its belief that Ether spot ETFs will be launched in the U.S. this week with a high level of confidence ranging from 80% to 90%.

Expected Inflows and Impact

Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, estimates that spot ETF approval could bring in 2.39-9.15 million ether in the first year, translating to approximately $15 billion to $45 billion in U.S. dollars.

Bitcoin ETF Comparison

Comparing the predictions for ETH ETF inflows to Bitcoin ETF performance, Kendrick’s analysis aligns with the recent success of Bitcoin spot ETFs in the U.S., which have seen significant net inflows.

SEC’s Accelerated Approval Process

The Securities and Exchange Commission’s call for exchanges to expedite their applications for Ether spot ETFs has sparked industry excitement, with a potential approval before the upcoming deadline on May 23.

Market Response and Outlook

Industry analysts have adjusted their odds of ETF approval, indicating a positive outlook for both BTC and ETH. Standard Chartered remains bullish on the future of both cryptocurrencies, with predictions of $150,000 for Bitcoin and $8,000 for Ether by the end of 2024.

Long-Term Projections

Kendrick’s long-term projections suggest a stable ETH/BTC price ratio and significant growth for both Bitcoin and Ethereum by the end of 2025, with BTC reaching $200,000 and ETH hitting $14,000 per coin.