Standard Chartered Bank has expressed high confidence in Ethereum ETF approval this week. Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, stated that he is “80% to 90%” sure that Ethereum ETFs will receive the green light from the regulatory body.
The first round of spot ETH ETF deadlines is rapidly approaching, with VanEck’s application set for May 23 and Ark Invest/21Shares’ following on May 24.
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Potential Inflows and Ethereum Price Targets
According to Kendrick, the approval of spot Ethereum ETFs could drive substantial inflows into the cryptocurrency. Standard Chartered estimates that these ETFs could attract between 2.39 million and 9.15 million ETH in the first 12 months following approval. This equates to roughly $15 billion to $45 billion in U.S. dollar terms.
Kendrick also noted that these projected inflows are similar to Standard Chartered’s estimates for Bitcoin ETFs, which have proven to be accurate thus far.
In an analysis note sent to The Block on Tuesday, Kendrick further elaborated on Standard Chartered’s price targets for ETH. If spot Ethereum ETFs receive approval this week, the bank expects ether to keep pace with Bitcoin, maintaining the current 5.4% price ratio for the remainder of 2024. Given Standard Chartered’s projection of bitcoin reaching $150,000 by the end of 2024, this would imply an ETH price of $8,000.
Also read: Ethereum (ETH) Forecasted To Hit $10,000: Here’s When
Looking further ahead, Standard Chartered has reiterated its ETH price target of $14,000 by the end of 2025, based on the bank’s estimated BTC price level of $200,000 by that time.
The prospect of ETH ETF approval has already had a notable impact on the market, with ETH’s price surging by over 22% in the past 24 hours. At press time, ETH is trading at $3,767.