Standard Chartered reaffirmed its projection that Ethereum (ETH) will reach $8,000 by the end of the year, following heightened anticipation of ETF approvals.StanChart’s head of crypto research, Geoffrey Kendrick, said in a note shared with CryptoSlate that recent developments reflect heightened investor optimism and increased market activity.Kendrick’s statement comes after Bloomberg analyst Eric Balchanus significantly increased the likelihood of spot Ethereum ETFs being approved this week.Balchanus raised the odds from 25% to 75%, citing changes in the Biden administration’s stance on the approvals. Polymarket similarly revised the approval odds to over 60% from 10%.The announcement has had a ripple effect across the crypto market, influencing both trading platforms and asset prices.Kendrick also highlighted that the net asset value (NAV) discount on the ETH Grayscale Trust (ETHE) narrowed significantly over the past day, jumping from -25% to -12% — signaling increasing optimism in the market.Ethereum prices have responded robustly, climbing 18% to $3,700. This rise has positively impacted the broader crypto market, with several digital assets experiencing similar uptrends. The focus now shifts to the US SEC, which is expected to make a decision on the spot ETH applications by Thursday.Balchanus recalled the SEC’s approval of Bitcoin (BTC) ETFs on Jan. 10, which came shortly after a report from the hacked SEC Twitter account the previous day. Market participants are watching closely for a similar timing pattern in the ETH ETF decision.In a March research note, Kendrick projected that the approval of ETH ETFs could lead to inflows ranging between $15 billion and $45 billion within the first year. He maintains this forecast, emphasizing the potentially greater impact of ETH ETF flows compared to BTC ETFs.He argued that the relative lack of alternatives for ETH positions pre-ETFs and the perception of Ethereum as the ‘big tech’ of digital assets will drive significant investor interest.Kendrick has set ambitious price targets for Ethereum, forecasting it to reach $8,000 by the end of 2024 and $14,000 by the end of 2025.He also noted the positive implications for Bitcoin, expecting a fresh all-time high for BTC by the weekend, surpassing the previous peak of $73,798 set on March 14. He reiterated his year-end price targets of $150,000 for 2024 and $200,000 for 2025 for Bitcoin.The impending decision on ETH ETFs could further legitimize the crypto sector, potentially driving significant capital inflows and boosting market confidence. Investors and market watchers await Thursday’s decision, which could mark a pivotal moment for Ethereum and the broader digital asset market.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Daily digest of top crypto stories and market insights. Never miss out.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
