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While the crypto community seems thrilled with Standard Chartered’s revised Bitcoin year-end price forecast, the investor sentiment seems divided as the UK-based bank stands firm on its Ethereum price prediction.
Approval by May 23, estimating significant $15-45 billion inflows within the first year. Meanwhile, projections suggest a bullish trajectory for Ethereum’s price, with forecasts of $8,000 by 2024 and $14,000 by 2025.
Spot Ethereum ETF Approval Outlook
Standard Chartered Bank’s Geoffrey Kendrick, Head Crypto Research and EM FX West at Standard Chartered, has been optimistic regarding the approval of spot Ethereum ETFs by May 23 this year, despite dissenting views in the market.
Kendrick’s non-consensus perspective regarding the potential approval of spot Ethereum ETFs is backed by his belief in the SEC’s treatment of Ethereum and recent developments in the ETH ecosystem.
Kendrink’s insights and the bank’s analysts suggest that substantial inflows will occur through ETH ETFs, similar to the BTC ETF’s pattern of capital inflows after its approval by the SEC.
However, for now, let’s look into the current price projections for Ethereum.
Kendrik anticipates accelerated price growth for Ethereum when (or if) Ethereum ETFs are approved in May.
Revised estimates suggest a target of $8,000 by the end of 2024, advancing two years earlier than previously forecasted. Further, Kendrick sets a price target of $14,000 for ETH by the end of 2025, aligning with bullish market sentiments.
Kendrick also believes that Ethereum’s growing usage and increasing adoption in gaming, tokenization, and real-world industries leverage NFTs and DeFi channels.
Ethereum’s recent Dencun upgrade went live on March 13th. The Dencun upgrade aims to reduce transaction fees on Layer 2 networks by enhancing competitiveness.