In a recent report, the global financial institution Standard Chartered said that a spot Ethereum (ETH) ETF (Exchange Traded Fund) approval could push the asset’s price to $4000. Reaching $4000 from current levels would translate to a growth of around 70%.
According to Standard Chartered analyst Geoff Kendrick, ETH will mirror Bitcoin’s (BTC) trajectory. The US SEC’s (Securities and Exchange Commission) recent approval of 11 spot BTC ETFs was a significant milestone for the cryptocurrency industry. Many anticipate a similar ruling for Ethereum (ETH).
Also Read: Ethereum: SEC May Approve ETH ETF in May, Says Bloomberg
When will the SEC approve a spot Ethereum ETF?
According to Standard Chartered’s report, the US SEC may approve a spot ETH ETF by May 2024. The report notes that the SEC may initially delay its decision but will eventually green-light the applications.
According to Kendrick, ‘pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration — the equivalent date to Jan. 10 for BTC ETFs. If ETH prices perform similarly to BTC prices in the lead-up to BTC ETF approval, ETH could trade as high as $4,000 by then.‘
Kendrick noted there is no reason for the SEC to treat Ethereum (ETH) differently than Bitcoin (BTC).
Also Read: Ethereum: Standard Chartered Predicts ETH May Hit $35,000
Moreover, Standard Chartered has previously expressed its bullish outlook for the second-largest crypto by market cap. In an earlier report, the bank said that ETH could reach a price of $8,000 by 2026. The price rise would translate to a growth of over 242% from current levels. However, Standard Chartered’s predictions don’t stop there. The bank anticipates ETH to hit a price of $35,000 in the long run. Hitting $35,000 would translate to a growth of almost 1400% from current price levels.