- Standard Chartered has predicted that Ethereum (ETH) could reach $8,000 by the end of this year if spot ETH ETFs are approved.
Standard Chartered has predicted that Ethereum (ETH) could reach $8,000 by the end of this year and $14,000 by 2025.
In a research note, the bank’s analysts believe that the approval of spot Ethereum exchange-traded funds (ETFs) will be a major catalyst for the cryptocurrency’s price.
“Ethereum is currently between two important events that we see driving price upside,” wrote Geoffrey Kendrick, head of forex and crypto research at Standard Chartered.
“It has just had a structurally significant upgrade, and U.S. regulatory approval of ETH ETFs is expected in May.”
Kendrick also noted that the network’s recent Dencun upgrade could be another factor driving up the price of Ethereum.
The upgrade is expected to make transaction fees on the blockchain much cheaper. Standard Chartered’s prediction is in line with other bullish forecasts for Ethereum.
In January, JPMorgan predicted that ETH could reach $5,000 by the end of the year.
Several high-profile fund managers, including BlackRock and Fidelity, have filed with the Securities and Exchange Commission (SEC) to launch Ethereum ETFs.
Standard Chartered expects the SEC to approve the ETFs by the summer.
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