Standard Chartered Expects SEC to Approve Spot Ethereum ETFs in May, Pushing ETH to $4,000

Standard Chartered has predicted that the U.S. Securities and Exchange Commission (SEC) volition apt o.k. a spot ethereum exchange-traded money (ETF) successful May. The banking giant’s expert foresees the terms of ether rising to $4,000 by the expected support date.

Standard Chartered’s Ethereum ETF Prediction

Standard Chartered published a enactment connected Tuesday detailing wherefore it expects the U.S. Securities and Exchange Commission (SEC) to o.k. spot ethereum exchange-traded funds (ETFs) successful May, Bloomberg reported. The bank’s caput of crypto probe and Western emerging markets FX, Geoff Kendrick, anticipates the SEC’s support of spot ethereum ETFs to reflector the agency’s attack to spot bitcoin ETF approvals.

The expert explained that May 23 is the past day by which the securities regulator indispensable o.k. oregon contradict spot ethereum ETF applications from Vaneck and Ark 21shares. He expects the SEC to marque a determination connected the last date, akin to its Jan. 10 support of 11 spot bitcoin ETFs. Kendrick believes that ethereum’s ineligible and fiscal concern intimately mirrors that of bitcoin, suggesting a akin support signifier for spot ethereum ETFs.

However, SEC Chairman Gary Gensler remains evasive connected whether ethereum is simply a security, contempt stating that most crypto tokens, different than bitcoin, are securities. The SEC delayed its decisions connected 2 spot ethereum ETF applications past week: 1 from Blackrock and 1 from Grayscale Investments.

Ethereum’s Price Could Rise to $4,000, Analyst Says

Moreover, the Standard Chartered caput of crypto probe explained that ethereum’s terms could scope $4,000 by the May 23 support day if ETH follows a akin trajectory to bitcoin during its ETF support process. At the clip of writing, ether is trading astatine $2,370.

Kendrick’s $4,000 ETH terms people hinges connected respective cardinal assumptions, including wide marketplace sentiment for support remaining low, implied volatility being wrong, and the SEC approving aggregate spot ethereum ETF applications connected the aforesaid time arsenic it did with spot bitcoin ETF applications.

While bitcoin’s terms experienced a selloff aft the spot bitcoin ETF approvals arsenic investors, including FTX, exited the Grayscale Bitcoin Trust (GBTC), Standard Chartered believes that etherum volition debar overmuch of the selloff bitcoin faced. The expert noted that Grayscale’s existing Ethereum Trust holds a smaller information of the full marketplace capitalization of ether, compared with the bitcoin held successful GBTC. He emphasized:

These factors should marque ETH little susceptible than BTC to a post-approval selloff.

Meanwhile, Standard Chartered said aboriginal this period that the terms of bitcoin could deed $200K successful 2025.

What bash you deliberation astir Standard Chartered’s prediction regarding spot ethereum ETF approvals and the terms of ETH? Let america cognize successful the comments conception below.