0
0
Standard Chartered’s Outlook on Ethereum
Standard Chartered, a renowned British multinational, has expressed optimism not only towards Bitcoin but also towards Ethereum, according to its analysts. In a recent report released on Monday, the bank projected that Ethereum, the second-largest digital asset, could soar to $8,000 by the end of this year, with a possibility of reaching $14,000 by 2025.
Geoffrey Kendrick, the head of forex and crypto research at the firm, highlighted that these price milestones for Ethereum are contingent on the approval of spot Ethereum exchange-traded funds (ETFs). Numerous high-profile fund managers have already submitted applications to the Securities and Exchange Commission (SEC) for Ethereum ETFs. These investment products would enable traditional investors to gain exposure to the cryptocurrency through shares traded on a stock exchange.
Kendrick emphasized in the report that the bank anticipates SEC approval of Ethereum ETFs by the summer. He pointed out that Ethereum is currently positioned between two significant catalysts that could propel its price upwards. The recent structural upgrade of the network, coupled with the anticipated U.S. regulatory approval of ETH ETFs in May, are expected to drive bullish sentiment for Ethereum.
Additionally, Kendrick attributed Ethereum’s rapid price escalation to the implementation of the recent Dencun upgrade on the network. This enhancement is projected to significantly reduce transaction fees on the blockchain, thereby enhancing the competitiveness of Ethereum compared to other digital assets.
Further Insights on Bitcoin and Ethereum
Standard Chartered also forecasted a positive trajectory for Bitcoin, suggesting that it could reach $150,000 per coin by the year-end if the approved ETFs continue to garner widespread popularity. Notably, in January, the U.S. Securities and Exchange Commission greenlit 11 investment vehicles, including Bitcoin ETFs, which have witnessed substantial investor interest and inflows, consequently driving up the price of Bitcoin significantly.
Image/Photo credit: source url
