Standard Chartered expects ether ETF approval this week, reiterates year-end target of $8,000
The first round of spot ether ETF deadlines are fast approaching: VanEck's on May 23 and Ark Invest/21Shares' on May 24.
Speaking to The Block, Standard Chartered Bank's head of foreign exchange and digital assets research Geoff Kendrick said he is "80% to 90%" confident that ether ETFs will be approved this week.
“After approval, we estimate that the spot ETFs will generate inflows of 2.39 to 9.15 million ether in the first 12 months after approval,” Kendrick said, adding: “In US dollar terms, that "It is equivalent to approximately between 15 billion and 45 billion dollars."
“As a percentage of market cap, it is similar to our estimates of inflows into bitcoin ETFs, which are proving accurate,” Kendrick said.
A year-end ether price target of $8,000
In an analysis note sent to The Block on Tuesday, Kendrick added that if spot ether ETFs receive approval this week, ether could keep pace with bitcoin, maintaining the current price ratio of 5.4% for the year. rest of 2024.
“Given that we now see Bitcoin reaching the $150,000 level by the end of 2024, this would imply a $8,000 level for ether,” Kendrick said.
The analyst added that given Standard Chartered's estimated bitcoin price level of $200,000 by the end of 2025, this would also imply an ether price of $14,000 by the end of 2025. This is a reiteration of the price target the bank gave for ether. in March.
