jakiro
Author: Assad Jafri, Cryptoslate; Compilation: Baishui, Bitchain Vision
As expectations for ETF approval heat up, Standard Chartered reiterated its forecast that Ethereum (ETH) will reach $8,000 by the end of this year.
Geoffrey Kendrick, head of cryptocurrency research at Standard Chartered Bank, said in a report shared with CryptoSlate,Recent developments reflect increased investor optimism and increased market activity.
Kendrick’s statement comes after Bloomberg analyst Eric Balchanus significantly increased the likelihood of spot Ethereum ETFs being approved this week.
Balchanus raised that possibility from 25% to 75%, citing a change in the Biden administration’s stance on approval.Polymarket also changed the approval rate from 10% to above 60%.
The announcement has had a ripple effect throughout the cryptocurrency market, affecting trading platforms and asset prices.
Kendrick also emphasized thatETH Grayscale Trust (ETHE)’s net asset value (NAV) discount narrowed significantly over the past day, jumping from -25% to -12%, indicating an increasing market optimism.
Ethereum price response was strong, up 18% to $3,700.This rise has positively impacted the wider cryptocurrency market, and a variety of digital assets have experienced similar uptrends.The focus is now turning to the U.S. SEC, which is expected to make a decision on the spot ETH application on Thursday.
Balchanus reviewed the January 10 SEC approval of Bitcoin ETFs, which came soon after the report of a hacked Twitter account on the SEC the day before.Market participants are closely following similar time patterns in ETH ETF decision making.
In a March research report,Kendrick expects approval of the ETH ETF could bring in $15 billion to $45 billion inflows over the first year.He maintained this forecast, emphasizing that the potential impact of ETH ETF traffic is greater than that of BTC ETFs.
He believes that prior to ETFs, there was a relatively lack of alternatives to ETH and that Ethereum was seen as a “big technology” for digital assets, which would greatly stimulate investors’ interest.
Kendrick sets ambitious price targets for Ethereum, which is expected to reach $8,000 by the end of 2024 and $14,000 by the end of 2025.
He also pointed to the positive impact on Bitcoin, which is expected to hit a new all-time high over the weekend, surpassing the $73,798 peak set on March 14.He reiterated the end-of-2024 price target of $150,000 and the end-of-200,000 price target of $200,000.
The upcoming decision on ETH ETF could further legitimize the cryptocurrency industry, potentially driving massive capital inflows and boosting market confidence.Investors and market watchers await the decision Thursday, which could mark a critical moment for Ethereum and the broader digital asset market.
