- Standard Chartered believes Ethereum ETFs will get approval from the SEC this week, causing the prices of both Ethereum (ETH) and Bitcoin (BTC) to surge and hit new all-time highs.
- The bank’s digital assets researcher predicts that if the ETH ETFs get approved on Thursday as expected, the price of ETH could rocket to $8,000 by the end of 2024.
- An ETH ETF approval is also expected to drive up Bitcoin’s price, with Standard Chartered anticipating BTC will set a fresh all-time high over the upcoming weekend.
Standard Chartered believes Ethereum ETFs will get approval from the SEC this week, causing prices of ETH and Bitcoin to surge. ETH could hit $8,000 by year’s end if ETFs are approved on Thursday as expected, according to the bank’s digital assets researcher Geoff Kendrick.
Ethereum Price Could Rocket on ETF Approval
An ETH ETF approval will further legitimize the sector and be positive for Bitcoin as well, Kendrick said. He expects Bitcoin to hit a fresh all-time high by the weekend if Ethereum ETFs are approved. ETH is currently trading around $3,770, up 22% in 24 hours amid ETF approval rumors.
Ethereum ETF Applicants Drop Staking Language
As the SEC considers Ethereum ETF applications, some asset managers have amended filings to remove language around staking. Staking allows ETH holders to earn rewards for delegating tokens to secure the network. Fidelity dropped staking references in an apparent concession to the SEC, which remains quiet on ETF approvals.
Ethereum Could Top $14,000 Alongside Bitcoin Boom
Standard Chartered predicts ETH could reach $8,000 this year and $14,000 by 2025. The bank reiterated its bullish forecast that Bitcoin will hit $150,000 per coin this year. SEC approval of spot Ethereum ETFs could propel ETH to new highs, according to the bank.
Conclusion
Standard Chartered is betting Ethereum will continue its meteoric rise alongside Bitcoin if the SEC gives the green light to ETFs. The long-awaited ETF approvals could send crypto prices soaring to new all-time highs.
