Standard Chartered Maintains $8,000 ETH Price Target as it Expects Green Light for Ether ETFs This Week

Standard Chartered, a British multinational banking and fiscal services company, has revealed it expects the U.S. Securities and Exchange Commission (SEC) to o.k. the listing of spot Ether exchange-traded funds (ETFs) successful the state this week, and maintained its $8,000 terms people for ETH.

The bank’s Head of FX Research and Digital Assets Research reportedly told The Block that with cardinal deadlines for spot Ether ETF applications looming – May 23 for VanEck and May 24 for Ark 21 Shares – the slope is “80% to 90%” definite that these funds volition beryllium approved.

The imaginable interaction is significant. Standard Chartered estimates that these spot Ether ETFs could pull important investment, bringing successful 2.39 to 9.15 cardinal ETH wrong the archetypal year, translating to astir $15 cardinal to $45 cardinal successful U.S. dollars successful a fig that it sees arsenic “proving accurate” according to estimates for inflows for the precocious approved spot Bitcoin ETFs.

Looking beyond approval, the bank’s investigation suggests Ether’s terms could support connected climbing rapidly this twelvemonth and support a 5.4% terms ratio with the flagship cryptocurrency Bitcoin, which would suggest an $8,000 terms people by the extremity of the twelvemonth if BTC maanges to deed $150,000 arsenic it predicts.

Earlier this twelvemonth the slope revealed it was expecting spot Ether ETF applications to beryllium approved by May 23 , but fixed the market’s expectations of a rejection earlier this period the slope had said that delays successful the support were already “priced in.”

Standard Chartered’s prediction comes aft a melodramatic emergence successful cryptocurrency prices related to the imaginable support of spot Ether exchange-traded funds successful the U.S arsenic the Securities and Exchange Commission (SEC) has abruptly requested that the exchanges that privation to database and commercialized these funds update cardinal filings related to these products, fueling speculation that the regulator is considering approving these products.

 Before immoderate trading tin begin, issuers of spot Ether ETFs indispensable person the go-ahead connected their S-1 registration statements, with the SEC having nary acceptable deadline to reappraisal these filings.

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