🛑ETHEREUM AT $4000 (+71%) IN 4 MONTHS THANKS TO ETH ETFS, PREDICTED STANDARD CHARTERED🛑#ETH #BTC

Like many other cryptocurrencies, Ethereum started the day yesterday on the rise, before changing its mind, and this Wednesday morning posted a gain of 1.3% over 24 hours and almost 5% over a week.

However, some analysts believe that the second largest cryptocurrency on the market could climb much higher. This is particularly the case of those of Standard Chartered (LON:STAN), who spoke about ETH in a recent note.

Anticipating an approval of spot Ethereum ETFs by the SEC in the coming months, analysts have indeed written that the value of ETH could reach $4,000 by May, an increase of 71.4% compared to the current price.

They expect the SEC to delay decisions on spot ETF applications until the final deadline for the VanEck and Ark/21Shares proposals on May 23.

The report further states that the market is currently underestimating the chances of approval, while there is "no fundamental reason" for the SEC to treat ETH differently from bitcoin, for which spot ETFs have been approved earlier this month.

As the scheduled May 23 approval date approaches, we expect ETH prices to follow, or outperform, bitcoin (BTC) during the comparable period,” the analysts wrote.

The report also states that ETH will face less selling pressure after the approval of a potential ETF than BTC, as the Grayscale Ethereum Fund (ETHE) has a smaller share of the ether market cap than the Grayscale Bitcoin Fund (GBTC).