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<p>The post <a href="https://coinpedia.org/news/ethereum-price-could-hit-8000-with-etf-approval-standard-chartered/">Ethereum Price Could Hit $8,000 with ETF Approval: Standard Chartered</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Big news for Ethereum fans! Standard Chartered has made a bold prediction that could send Ether prices soaring. They believe the U.S. Securities and Exchange Commission (SEC) will approve Spot Ethereum ETFs this week, potentially triggering a flood of money into the market. But will the SEC give the green light, and how high could Ethereum climb? </p> 
<p>Read on to find out the expert’s predictions and what this means for the future of Ethereum.</p> 
<h2 class="wp-block-heading" id="h-billions-on-the-horizon"><strong>Billions on the Horizon! </strong></h2> 
<p>Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, exudes confidence as he predicts a high likelihood of Ether ETF approval. With odds leaning heavily towards approval, Kendrick anticipates a major market event. </p> 
<p>He tells The Block, “We think approval is likely: VanEck’s and Ark Invest/21Shares’ applications are due for a decision by the SEC by 23 and 24 May, respectively.”</p> 
<p>If the SEC gives the thumbs up, Kendrick estimates a massive surge in investment.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p><em>“After approval, we estimate that spot ETFs will drive inflows of 2.39-9.15 million ether in the first 12 months after approval,” </em></p> 
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<p>Translating these figures into fiat currency, this could mean an injection of approximately $15 billion to $45 billion into the Ethereum ecosystem.</p> 
<p><strong>Echoes of Bitcoin</strong></p> 
<p>The approval of the Spot Ethereum ETF could mirror what happened to Bitcoin ETFs. Kendrick noted that the percentage increase of inflows against the market cap for Ethereum ETFs would be similar to that of Bitcoin ETFs, which have proven accurate with previous estimates.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-price-projections">Price Projections</h2> 
<p>Looking ahead, Kendrick offers an optimistic outlook for Ethereum’s price trajectory. If Bitcoin hits $150,000 by the end of 2024, he sets a year-end target for ETH at $8,000. Additionally, he reiterates the bank’s ambitious projection of $14,000 for ETH by the end of 2025, aligning with a bullish Bitcoin target of $200,000.</p> 
<p>Whispers of ETF approval have already sent ripples through the market. Ethereum’s price has surged by over 19% in the past 24 hours, reaching an impressive $3,719.</p> 
<h2 class="wp-block-heading" id="h-analyst-insights">Analyst Insights</h2> 
<p>Crypto analyst Miles Deutscher echoes this optimism, envisioning a rally to $6,446 by July 23 if Ethereum follows Bitcoin’s post-ETF trajectory.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> rallied 75% in 63 days after the spot ETF was approved. <br><br>If <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> follows the same trend (if approved), this would take it to $6,446 by July 23. <a href="https://t.co/FfWg9VGUMx">pic.twitter.com/FfWg9VGUMx</a></p>— Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1792784820113965489?ref_src=twsrc%5Etfw">May 21, 2024</a>
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<p>Adding fuel to the fire, futures open interest for Ethereum has soared to an all-time high, marking a 35.12% increase to $15.60 billion. This surge underscores the growing interest and bullish sentiment surrounding Ethereum.</p> 
<h2 class="wp-block-heading" id="h-signs-of-progress">Signs of Progress</h2> 
<p>Hints of regulatory progress emerge as the SEC nudges exchanges to update their 19b-4 filings for spot Ether ETFs ahead of looming deadlines. Bloomberg ETF analysts James Seyffart and Eric Balchunas have taken note, raising approval odds from 25% to a promising 75%.</p> 
<p>Despite the optimism, uncertainty looms large. While signs point to approval, the SEC may opt for a cautious approach, potentially elongating the process with S-1 registration statements.</p> 
<p><strong>Are you planning to invest in Ethereum ETFs if they get approved? Why or why not?</strong></p>

Ethereum Price Could Hit $8,000 with ETF Approval: Standard Chartered

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