Standard Chartered Bank seems to be optimistic in the case of Ethereum ETF’s approval by the U.S. SEC in May 2024. StanChart has recently projected that it is more likely the Securities and Exchange Commission (SEC) of the United States will give the greenlight to Ethereum ETFs which will ultimately boost the price value of Ethereum. Following the SEC’s approval, Ethereum (ETH) will pump up to $4,000.
This prospect came on the scene on the 30th of January 2023 and depicts that the SEC will approve Ethereum ETFs by the 23rd of May 2024. The approval process for Bitcoin ETFs by the SEC follows a similar timeline and approach as seen before for spot Bitcoin ETFs.
Classification of Ethereum
Geoffrey Kendrick, from Standard Chartered, thinks Ethereum ETFs may get approved, considering the SEC’s view on ETH. Unlike some cryptocurrencies, Ethereum is not seen as a security in legal actions. Ethereum being a regulated futures contract on the Chicago Mercantile Exchange also supports approval chances.
Kendrick believes it’s not just about approval; Ethereum’s price might jump to $4,000, similar to Bitcoin’s pre-ETF approval surge. He stated: “If ETH follows BTC’s path, we could see ETH trading at $4,000.
The Ethereum ETF possibilities have some details to consider for the future. Initially, simple ETFs tracking ETH prices might get approval from the US SEC. More advanced options, like those with staking rewards, could come later inspired by European models.
Kendrick sees upcoming Ethereum upgrades, Dencun and Proto-Danksharding, as good for price growth. These changes aim to lower Layer 2 fees and maintain higher staking rewards, adding value to the Ethereum ecosystem.
Kendrick is optimistic about the overall crypto market, including Bitcoin. Earlier, he predicted Bitcoin would reach $100,000 by year-end and an impressive $200,000 by the end of 2025, driven by investments in spot Bitcoin ETFs.
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