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Standard Chartered forecasts Ethereum could reach $8,000 by year-end, citing potential ETF approval and increased investor optimism. Recent developments have already spurred a significant price surge, with Ethereum rising 18% to $3,700.
Investor Optimism Grows as StanChart Predicts $8,000 Ethereum Amid Potential ETF Approval
In a recent report by CryptoSlate, Geoffrey Kendrick, StanChart's head of crypto research, wrote in a note shared with CryptoSlate that recent developments show greater investor optimism and market activity.
Kendrick's comments come after Bloomberg analyst Eric Balchanus raised the prospect of spotting Ethereum ETFs getting authorized this week.
Balchanus increased the probabilities from 25% to 75%, noting shifts in the Biden administration's position on the permits. Polymarket also increased the clearance probabilities to over 60% from 10%.
The statement has caused a ripple effect throughout the cryptocurrency industry, affecting trading platforms and asset values.
Kendrick also mentioned that the net asset value (NAV) discount on the ETH Grayscale Trust (ETHE) has shrunk dramatically over the last day, falling from -25% to -12%, indicating that market sentiment is improving.
Ethereum prices have rebounded strongly, rising 18% to $3,700. This surge has favorably impacted the crypto market, with numerous digital assets seeing similar uptrends. The spotlight now switches to the US SEC, which is anticipated to rule on the spot ETH applications on May 23.
Balchanus recalled the SEC's acceptance of Bitcoin (BTC) ETFs on January 10, immediately after a report from the hacked SEC Twitter account the day before. Market players seek a similar timing trend in the ETH ETF decision.
StanChart Projects ETH ETFs Could Attract Up to $45 Billion in First Year, Boosting Ethereum to $8,000
In a March research report, Kendrick predicted that the approval of ETH ETFs would result in inflows ranging from $15 billion to $45 billion within the first year. He supports this forecast, noting the possible higher impact of ETH ETF flows than BTC ETFs.
He stated that the relative scarcity of options for ETH positions before ETFs and Ethereum's status as the 'big tech' of digital assets will generate enormous investor interest.
Kendrick has set lofty price predictions for Ethereum, predicting it would hit $8,000 by the end of 2024 and $14,000 by the end of 2025.
He also mentioned the excellent implications for Bitcoin, predicting a new all-time high over the weekend, exceeding the previous $73,798 recorded on March 14. He repeated his Bitcoin price forecasts for the end of the year: $150,000 in 2024 and $200,000 in 2025.
The upcoming judgment on ETH ETFs may further legitimize the cryptocurrency sector, potentially generating significant capital inflows and bolstering market confidence. Investors and market watchers anticipate the May 23 verdict, which may be a watershed moment for Ethereum and the broader crypto market.
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