Standard Chartered Bank’s head of crypto research also predicted that Bitcoin will hit new highs this weekend.

Standard Chartered Bank has once again confirmed its optimistic forecast for the price of Ethereum (ETH), predicting that Ethereum will reach $8,000 by the end of the year. This prediction comes after market expectations for the approval of an Ethereum exchange-traded fund (ETF) have increased significantly.

Geoffrey Kendrick, head of crypto research at Standard Chartered Bank, emphasized in a report shared with the media that recent market dynamics reflect increased investor confidence in the cryptocurrency market and a significant increase in market activity.

Kendrick’s statement comes after Bloomberg analyst Eric Balchanus significantly raised the odds of a spot Ethereum ETF being approved this week. Balchanus raised the likelihood of approval from 25% to 75%, based on the Biden administration's shift in attitude toward approval.

The announcement heightened market expectations for the approval of an Ethereum ETF, which in turn affected trading volumes on trading platforms and the price of crypto assets.

Kendrick's Market Confidence

Kendrick also noted that the ETH Grayscale Trust’s (ETHE) net asset value (NAV) discount narrowed significantly in the latest day, rising from -25% to -12%, indicating increased market confidence.

This week, Ethereum prices have risen sharply by 18% to $3,700. This rise has also driven the positive trend of the entire crypto market, and many digital assets have seen similar upward trends. At present, the market focus has turned to the U.S. Securities and Exchange Commission (SEC), which is expected to make a decision on the application for spot ETH by Thursday.

Eric Balchanus reviewed the historical event of the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin ETF on January 10, which occurred the day after the SEC's Twitter account was hacked and a related report was published. Market participants are now closely watching the Ethereum ETF decision-making process to observe whether a similar time pattern will emerge, that is, a key approval decision will be made shortly after the SEC's social media account appears abnormal. This attention shows that the market is looking for patterns and precedents in regulatory decisions in order to better predict and prepare for the upcoming Ethereum ETF approval results.

In a March research note, Geoffrey Kendrick, head of crypto research at Standard Chartered, predicted that the approval of an Ethereum exchange-traded fund (ETH ETF) could bring in inflows of $15 billion to $45 billion within the first year. He maintained this prediction and stressed that inflows to the Ethereum ETF could have a greater impact than those to the Bitcoin ETF.

Geoffrey Kendrick believes that before the launch of the Ethereum ETF, there is a lack of sufficient alternative investment options in the market, which will make investors more inclined to hold Ethereum positions. In addition, Ethereum is seen as a representative of "high-tech" in the field of digital assets, and this image will attract the interest of a large number of investors. This strong interest in Ethereum and the lack of alternative investment options in the market may lead to a large influx of funds after the launch of the Ethereum ETF, which will have a positive impact on the price of Ethereum.

Kendrick's optimistic outlook

Kendrick set ambitious price targets for Ethereum, predicting it will reach $8,000 by the end of 2024 and $14,000 by the end of 2025.

Geoffrey Kendrick is not only optimistic about Ethereum, but also about the prospects of Bitcoin. He expects Bitcoin (BTC) to reach a new high this weekend, surpassing its historical record of $73,798 set on March 14. In addition, Kendrick also reiterated his previous long-term price prediction for Bitcoin, that is, Bitcoin will reach $150,000 by the end of 2024 and further climb to $200,000 by the end of 2025. These predictions show his confidence in the long-term growth potential of the cryptocurrency market and his continued optimism about Bitcoin as a market leader.

The upcoming Ethereum exchange-traded fund (ETH ETF) decision is seen as an important event in the cryptocurrency space that could have a profound impact on the market. This decision is expected to further promote the legalization of cryptocurrencies and increase traditional investors' interest in crypto assets. If the ETH ETF is approved, it is expected to attract a large amount of capital to flow into the market, which will not only enhance investors' confidence in Ethereum, but also may boost confidence in the entire digital asset market.

Investors and market observers are closely watching the U.S. Securities and Exchange Commission (SEC)'s approval of the ETH ETF before Thursday. This decision may become a turning point in the development of Ethereum and the entire digital asset market, marking the further integration of cryptocurrencies into the mainstream financial market, bringing more stability and growth potential to the market.

Conclusion:

With Standard Chartered Bank's optimistic forecast for Ethereum prices and firm confidence in Bitcoin's future growth potential, the market is entering a new phase of anticipation. The potential approval of an ETH ETF will undoubtedly be an important milestone in the cryptocurrency market, heralding wider market acceptance and legalization. Investors and market observers are waiting with bated breath for the SEC's decision, which is not only about the future of Ethereum, but may also open a new chapter for the entire digital asset market. At this turning point, we have reason to believe that the cryptocurrency market will continue to demonstrate its unique vitality and innovation capabilities, bringing far-reaching impacts to the global financial market. #渣打银行 #获批预期 #ETHETF