• Tue. Jun 18th, 2024

Standard Chartered: Ethereum Price May Reach $8,000 After ETF Approval

Maria Bartiromo

ByMaria Bartiromo

May 22, 2024

According to Standard Chartered’s latest prediction, Ethereum (ETH) might reach $8,000 if an Ethereum Exchange-Traded Fund (ETF) is approved. This bullish forecast follows a sharp increase in the price of Ethereum, which jumped by more than 19% in the previous day to reach $3,719.

Several variables, including heightened institutional interest, optimistic market attitude, and speculative expectation of regulatory developments like adopting an ETF, are responsible for the recent 19% gain in Ethereum’s value. Ethereum futures have hit their all-time high, having risen by 35.12% to reach  $15.60 billion.

This is a strong signal that there’s a growing interest in derivatives traders and bullish sentiment close by. The recent move by the SEC requesting exchanges augment their 19b-4 filings for spot Ethereum ETFs in advance before the official deadline is a strong indication of a likely sign of approval. 

Standard Chartered Optimistic About Ethereum ETF Launch, Gives Reasons

Recounting the advantages of a possible Ethereum ETF approval, Qadir AK, a market watcher from CoinPedia stated that the regulatory support of an authorized Ethereum ETF could result in a more hospitable regulatory landscape for Ethereum and other cryptocurrencies. Technological developments within the Ethereum network further support this positive perspective.

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Significant changes are being made to Ethereum, the most notable of which is the switch to Ethereum 2.0, which attempts to increase energy efficiency, security, and scalability. These developments are anticipated to improve Ethereum’s usefulness and value proposition, increasing its appeal to investors hence, increase investment.

Another report linked the rising price of Ethereum to the May 23rd and 24 deadline issued by the SEC for interested parties in the spot Ethereum ETF to submit their proposals. However, Ark Invest/21shares and Vaneck are rushing to meet up.  

Standard Chartered’s Senior Staff Speaks Insists Ethereum May Reach $150,000

Price increases may result from speculative buying motivated by the expectation of ETF acceptance. The broader cryptocurrency community has reacted enthusiastically to these developments, with conversations about Ethereum’s potential roiling on social media platforms and in crypto forums.

Standard Chartered’s Head of FX Research and Digital Assets Research, Geoff Kendrick, revealed that the United States Securities and Exchange Commission is willing to approve the Ethereum ETF within the week. This could amount to billions of dollars in market inflows and, by expansion, a significant increase in the price of Ethereum.

He said that Ethereum can reach the $8000 price mark in a year if Bitcoin reaches $150,000 by the end of 2024. In his statement, Kendrick remarked on the bank’s earlier price prediction of $14,000 for Ethereum by 2025 and Bitcoin at $200,000. In his statement, Kendrick stated that he and his team think Donald Trump’s administration will bring more friendly regulations into the cryptocurrency industry. 

In another development, Kendrick said the upcoming United States presidential elections and Donald Trump’s potential re-election have sent a positive trend to the cryptocurrency market, as most traders and investors believe there will be better regulatory policies when he eventually wins. 

The Propose Price Rise Linked to News of Ethereum ETF Approval 

The news of an impending launch of Ethereum ETF has started altering market performance. Miles Deutscher, a popular cryptocurrency analyst, has expressed optimism on the news, insisting that the Ethereum price may hit $6,446 by July 23rd or July 23rd should the trend persist—using the post-Bitcoin ETF approval as a point of reference. 

Eric Balchunas and James Seyffart, two Bloomberg ETF analysts, have increased their previous approval chance prediction of a possible Ethereum ETF from the initial 25% to 75%. Meanwhile, the analysts have added that despite the high chances, the SEC may still decide to take more time to study the situation before moving to approve the  S-1 registration statements.

Ethereum is trading at $3,728.78, up 18.58% in 24 hours, closing at a market capitalization of $447,898,858,657. In 24 hours, Ethereum’s trading volume increased by 297.91% to reach $51,172,543,699.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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