Standard Chartered Bank expressed high confidence in the approval of the Ethereum ETF this week. Jeff Kendrick, head of FX and digital asset research at Standard Chartered, said he was “80% to 90%” confident that the Ethereum ETF would receive the green light from regulators.
Deadlines for the first round of Spot ETH ETFs are rapidly approaching, with VanEck's filing scheduled for May 23rd and Ark Invest/21Shares' filing scheduled for May 24th.
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Potential inflows and Ethereum price targets
According to Kendrick, the approval of the Spot Ethereum ETF could encourage large inflows into the cryptocurrency. Standard Chartered estimates that these ETFs could collect between 2.39 million and 9.15 million ETH in the first 12 months after approval. This translates to approximately $15 billion to $45 billion in US dollars.
Kendrick also noted that these expected inflows are similar to Standard Chartered's Bitcoin ETF estimates, which have so far proven accurate.
In an analytical note sent to The Block on Tuesday, Kendrick further elaborated on Standard Chartered’s ETH price target. If the Spot Ethereum ETF is approved this week, the bank expects Ethereum to keep pace with Bitcoin, maintaining its current price ratio of 5.4% by the end of 2024. Considering Standard Chartered's prediction that Bitcoin will reach $150,000 by the end of 2024, this translates to an ETH price of $8,000.
Also read: Predicting Ethereum (ETH) to reach $10,000: When?
Looking further ahead, Standard Chartered Bank reaffirms its target price of $14,000 for ETH by the end of 2025, based on the bank's forecast of a BTC price level of $200,000 at that point. did.
The prospect of ETH ETF approval has already had a noticeable impact on the market, with ETH prices surging over 22% in the past 24 hours. At the time of writing, ETH is trading at $3,767.
