Ethereum (ETH)The British multinational bank’s digital assets researcher Geoff Kendrick wrote Tuesday that if the SEC approves ETH exchange-traded funds (ETFs) on Thursday, as expected, the price of the asset could rocket—and hit $8,000 by the end of the year. ETH is But the price of ETH isn’t the only thing that could benefit: Kendrick added that Bitcoin could face big upwards pressure, too. “The ETH news, if correct, comes at an opportune moment for BTC,” he said. “An ETH ETF approval will further legitimize the sector and therefore be BTC-positive as well,” he continued, adding that he “would expect a fresh all-time high in BTC by the weekend.”BTC’s priceEthereum is the network behind the second biggest digital asset, ETH. Many prominentSuch a fund would give everyday investors the ability to buy shares that trade on a stock exchange and track the price of ETH via brokerage accounts. VanEck, BlackRock, and Franklin Templeton are among the firms hoping to gain approval.The SEC But the regulator has been quiet on the process of approving the ETH ETFs, leading industry analysts in recent weeks to expect a delay on the process. That changed Monday, when analysts from Bloomberg said that they now expect imminent approval—a statement now echoed by Standard Chartered.Standard Chartered The bank reiterated that claim in today’s report.Edited by Andrew HaywardDisclaimerThe views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
