Key Points:
Spot Ethereum ETF approval predicted, could yield $15-$45 billion inflow.
Ethereum price could reach $8,000 and Bitcoin $150,000 by 2024 if approved.
Bloomberg analysts increase SEC approval probability from 25% to 75%.
Analyst Predicts Spot Ethereum ETF approval this week to bring in $15-45 billion in flows in the first year, potentially sending ETH to $8,000 by 2024.
According to The Block, Standard Chartered analyst Geoff Kendrick predicts the approval of a Spot Ethereum ETF this week. This could "open the floodgates" and lead to significant inflows between $15 billion to $45 billion in the first year.
Geoff Kendrick's Predictions on Spot Ethereum ETF Approval
The action, if approved, could mean ETH price could go up to $8,000 by the end of 2024 and Bitcoin, $150,000 in the same period.
The U.S. Securities and Exchange Commission is set to approve the spot ETH ETFs, with deadlines for the first set of applications from VanEck and Ark Invest/21Shares fast approaching. Kendrick stated that he's "80% to 90%" sure of the approvals happening this week.
He said, "After approval, we estimate that spot ETFs will drive inflows of 2.39-9.15 million ether in the first 12 months", which is around $15 billion to $45 billion. He added that the estimates were within the inflows into Bitcoin ETFs.
Readmore: Spot Ethereum ETF Approval Nears As SEC Requests Faster 19B-4 Filings
Possible Influx and Price Increase for Ethereum
Kendrick is convinced that, assuming approval of the spot ETH ETFs, Ether will keep pace with Bitcoin, keeping the current ratio of 5.4% price ratio throughout 2024.
This, according to the analyst, would mean that Ethereum would hit a price tag of $8,000 considering Bitcoin would have hit $150,000 by the end of 2024.
Earlier today, CoinCu reported that the SEC has asked for "19b4" updates for spot ether ETFs, this shows that there is likely to be some progress in terms of approval. This is not certain.
Despite this, Bloomberg ETF analysts James Seyffart and Eric Balchunas have raised the probability of SEC approval of such a product from 25% to 75%.
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