Standard Chartered (also known as StanChart) has reaffirmed its forecast that Ethereum (ETH) will reach $8,000 by the end of the year, following increased expectations for ETF approvals.
StanChart's director of crypto research, Geoffrey Kendrick, said in a note that the recent developments reflect increased investor optimism and increased market activity.
Kendrick's statement comes after Bloomberg analyst Eric Balchanus significantly increased the likelihood that spot Ethereum ETFs will be approved this week.
Balchanus raised the probability from 25% to 75%, citing a change in the Biden administration's stance on approval. Polymarket similarly adjusted its approval probability to more than 60% from 10%.
This announcement had a ripple effect across the cryptocurrency market, affecting both trading platforms and asset prices.
Kendrick also highlighted that the net asset value (NAV) discount on ETH Grayscale Trust (ETHE) has narrowed significantly over the past day, jumping from -25% to -12% — showing growing optimism in the market.
ETH price reacted strongly, increasing 18% to $3,750. This increase has positively impacted the broader cryptocurrency market, with many other digital assets experiencing similar uptrends. Attention now turns to the US Securities and Exchange Commission (SEC), which is expected to make a decision on spot Ethereum ETF applications on Thursday.
Balchanus recalls the SEC approving spot Bitcoin ETFs on January 10, shortly after a report from the SEC's hacked Twitter account the day before. Market participants are closely watching a similar timing pattern in the Ethereum ETF decision.
In a March research note, Kendrick predicted that approval of an Ethereum ETF could lead to inflows of $15 billion to $45 billion in the first year. He maintained this forecast, highlighting the potentially larger impact of Ethereum ETF inflows compared to Bitcoin ETFs.
He argues that the lack of alternatives to ETH positions before the ETF and the perception of Ethereum as the 'big tech' of digital assets will drive significant investor interest. private.
Kendrick has set ambitious price targets for Ethereum, forecasting it to reach $8,000 by the end of 2024 and $14,000 by the end of 2025.
He also noted positive implications for Bitcoin, predicting a new all-time high for BTC over the weekend, surpassing the previous peak of $73,798 set on March 14. He reiterated his goals. Year-end target price is 150,000 USD for 2024 and 200,000 USD for 2025 for Bitcoin.00
The upcoming decision on an Ethereum ETF could further legitimize the cryptocurrency sector, possibly driving significant capital inflows and boosting market confidence. Investors and market watchers are awaiting Thursday's decision, which could mark a pivotal moment for Ethereum and the broader digital asset market.
Source: https://tapchibitcoin.io/ngan-hang-standard-chartered-tai-khang-dinh-tiem-nang-cua-ethereum-dat-8-000-usd-after-khi-phe-duyet-etf. html
