Leading worldwide cross-border financial institution, Standard Chartered has made one other bullish prediction for Ethereum. According to analysts from the financial institution, ETH might see an increase to new all-time highs, pushed by the potential introduction of Spot ETH Exchange Traded Funds (ETFs).
ETH Price Set To Rise To $14,000
Analysts at Standard Chartered Bank have maintained an optimistic outlook for ETH, anticipating that the second-largest cryptocurrency might witness an exponential surge to $14,000 by 2025.
Detailed in a Monday observe, the analysts revealed key factors that would drive Ethereum in direction of the anticipated value goal. Notably, the potential approval of an Ethereum Spot ETF by the United States Securities and Exchange Commission (SEC) is a main catalyst for ETH’s projected surge.
According to the analysts at Standard Chartered, if the SEC greenlights Spot Ethereum ETFs, ETH might comply with a straight highway map to $8,000 by the end of 2024 and $14,000 by 2025. The analysts have maintained an optimistic outlook concerning the approval of Ethereum Spot ETFs, anticipating the SEC’s authorization by May 2024.
The agency emphasised yet one more important issue that would propel the value of ETH to $14,000 – Ethereum’s recent Dencun upgrade. Geoffrey Kendrick, Standard Chartered’s Head of Forex and Crypto Research anticipates an inflow of demand for the cryptocurrency, citing potential reduction in transaction costs and enhancements to the Ethereum blockchain facilitated by improve as key drivers.
Ethereum Spot ETFs Projected To Draw $45 Billion
In addition to his bullish projections for ETH, Kendrick has additionally said that Spot Ethereum ETFs might set off a whopping $45 billion in inflows into the market. While there was a decline in overall optimism concerning the SEC’s potential approval of Ethereum ETFs by May, the analyst has maintained a constructive outlook, affirming the potential for the SEC granting approval for these funding property by the specified deadline of May 23, 2024.
According to Kendrick’s insights shared with The Block, he has estimated inflows starting from $15 billion to $45 billion inside the first 12 months following the approval of Spot ETH ETFs.
The crypto analyst indicated that he intends to use the identical methodology for estimating Spot Bitcoin ETF inflows in his evaluation. His reasoning suggests an identical trajectory for ETH’s future outlook as witnessed with Bitcoin following its ETF approval.
Just as hundreds of thousands of {dollars} poured into the Spot Bitcoin ETF market after the SEC’s acceptance, an identical situation might probably unfold for Ethereum if its ETF is allowed. In such an occasion, the value of the cryptocurrency might witness a big rise to new all-time highs, propelled by a surge in investor curiosity and capital inflows.
ETH value at $3,200 | Source: ETHUSD on Tradingview.com
Featured picture from CoinGecko, chart from Tradingview.com
