Ethereum will reach $8,000 this year, according to Standard Chartered
Key facts:
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Standard Chartered estimates that the ETFs will generate inflows of 2.39 to 9.15 million ether in a year.
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The SEC has until today, May 23, to communicate whether or not it approves Ethereum ETFs.
The British multinational bank, Standard Chartered, projects that the price of ether (ETH) will be $8,000 by the end of 2024.
Analysts view these values within hours of knowing whether, finally, the United States Securities Exchange Commission (SEC) approves spot ETFs of the native cryptocurrency of Ethereum.
In that framework, the financial giant’s head of foreign exchange and digital asset research, Geoff Kendrick, expressed optimism and assured that there is an “80% to 90%” chance that ETH ETFs will be approved today, Thursday.
If this occurs, the analyst considers that the value of ETH would reach the aforementioned figure, which would imply More than a 100% increase from its current price.
As Criptonoticias already reported, the rise in the market occurs after expectations changed regarding an approval this week of exchange-traded funds. Following this optimism, ETH experienced a rise of more than 20% and exceeded $3,900its maximum price in two months.
Kendrick further estimates that “spot ETFs will generate inflows of 2.39 to 9.15 million ether in the first 12 months after approval” and adds: “In US dollar terms, that is roughly equivalent to between 15 billion and 45 billion.
As for bitcoin (BTC), he maintains that it could climb to the $150,000 level by the end of this year.
Regarding the projections for 2025, Kendrick revealed that the price estimated by Standard Chartered for BTC is $200,000 while for ETH it is $14,000.
Key day for Ethereum ETFs
Today May 23, the SEC will finally define whether or not to approve ETFs of the digital currency created by the Russian-Canadian programmer, Vitalik Buterin.
For several months, everything indicated that these financial instruments would not be approved, but the expectation changed this week when the investment fund specialist, Eric Balchunas, expressed in his X account:
“James Seyffart and I are increasing our ether ETF approval odds to 75% (up from 25%), hearing rumors this afternoon that the SEC could be doing a 180 on this (increasingly political) issue. ), so now everyone is rushing (just like us, everyone else assumed they would be rejected).”
Eric Balchunas, Bloomberg Intelligence analyst
After this information, The trading volume increased in the market and the price of ETH continues with an upward trend.
In this regard, the CEO of the CryptoQuant data platform, Julio Moreno, detailed: “The net flows of ETH to exchanges have been the highest since March. These ETH flows mainly went to the Binance and Bybit exchanges. Currency flows are usually followed by increased trading volume and therefore price volatility.”
In fact, everything indicates that the SEC will give the go-ahead for spot and In the next few hours a day of high volatility could be expected in the price of ETH.
If favorable, the digital asset could deepen this bullish trend that has been recorded in recent days. Otherwise, the disappointment of the markets could cause a significant collapse.
Clarification 5/23/2024: This article is written for informational purposes. The opinions reported here should in no way be considered financial advice or investment recommendations.
