How Much Will ETH Price Increase If Ethereum Spot ETF Is Approved?
The banking giant Standard Chartered, referring to the possible approval of the first Ethereum spot ETF in May, has predicted an increase in the price of this digital currency up to 4 thousand dollars.
Jeffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, recently identified May 23 as an important date. According to Kendrick, on this date the US Securities and Exchange Commission (SEC) may approve the first batch of Ethereum spot ETFs, similar to what happened earlier with Bitcoin spot ETFs in January.
Kendrick further predicted that the price of Ethereum could rise to $4,000 by following the pattern before the approval of spot Bitcoin ETFs. Kendrick cited several factors and made this optimistic prediction. First, the SEC has not labeled Ethereum as a security in its legal proceedings against crypto entities.
On the other hand, Ethereum's status as a regulated futures contract on the Chicago Mercantile Exchange (CME) strengthens the possibility of its spot ETF approval. Also, Greyscale's Ethereum Trust Fund, which is poised to become an ETF, adds to this expectation.
According to Kendrick, there is no compelling reason for the SEC to take an anti-CME approach.
Kendrick further mentioned the upcoming development of Dencun or Proto-Danksharding on the Ethereum network. He believes that this upgrade can also strengthen the value of Ethereum by increasing the efficiency of the ecosystem.
At the time of writing, Ethereum is trading at $2,330, up 1.2% in the last 24 hours.
