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Amid bullish market sentiment when overall cryptocurrency experienced a massive price surge especially Ethereum the world’s 2nd biggest cryptocurrency, Standard Chartered Bank made a big prediction. On May 21, 2024, Geoff Kendrick, the bank’s Head of FX Research and Digital Assets Research predicted that the U.S. Securities and Exchange Commission (SEC) to approve ether ETFs (Exchange Traded Funds) this week. Spot Ethereum could approve this week 
Kendrick expressed a high level of confidence, stating he is “80% to 90%” sure of this Ether ETF approval. He also thinks that the approval could lead to massive inflows into Ethereum, estimated between 2.39 and 9.15 million ETH within the first 12 months. In dollar terms, this is equivalent to approximately $15 billion to $45 billion.&nbsp;
Besides this Kendrick also elaborated on the potential market impact, suggesting that the approval of <a href="https://news.todayq.com/ethereum-etf-coming-soon-eth-jumps-25-in-a-week/" rel="noopener noreferrer nofollow">spot Ethereum ETFs</a> could help Ether maintain its current price ratio with Bitcoin for the remainder of 2024. Given Standard Chartered’s prediction of Bitcoin reaching $150,000 by the end of 2024, <a href="https://news.todayq.com/ether-futures-open-interest-hits-ath-is-eth-set-to-breach-4k/" rel="noopener noreferrer nofollow">Ethereum</a> could see its price rise to $8,000. Furthermore, with the bank’s projection of Bitcoin hitting $200,000 by the end of 2025, Ether’s price could climb to $14,000.
However, on June 21, 2024, the SEC requested updates to the 19b-4 filings for spot Ethereum ETFs, indicating potential progress toward approval. This move prompted Bloomberg ETF analysts James Seyffart and Eric Balchunas to increase their estimated chances of approval from 25% to 75%. Ethereum price performance analysis 
The potential approval has already influenced the market and Ethereum massively soared and jumped over 23% in the last 24 hours and currently, it is trading near the $3,800 level. The broader cryptocurrency market has also seen gains, with the GM 30 Index, representing the top 30 cryptocurrencies, increasing by 9.25% to 148.75.
If approved, the Ethereum ETFs would mark a significant milestone in the cryptocurrency market, potentially driving substantial investment and pushing ether’s price to new heights. This development follows the recent trend of growing institutional interest in digital assets, reflecting a broader acceptance and integration of cryptocurrencies into mainstream financial markets.

Ethereum could hit $8k post ETH ETF approval: Report

Todayq News

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