Standard Chartered, a British multinational bank, has expressed optimism not only about Bitcoin but also about Ethereum. According to the bank’s analysts, Ethereum, the second-largest digital asset, could potentially reach $8,000 by the end of this year and even hit $14,000 by 2025. This projection is based on the potential approval of spot Ethereum exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC). The current price of Ethereum stands above $3,500 per coin, as per CoinGecko data.
The anticipation of ETF approval for Ethereum has led to several high-profile fund managers submitting paperwork to the SEC. These ETFs would enable traditional investors to access Ethereum through shares traded on a stock exchange. Standard Chartered’s head of forex and crypto research, Geoffrey Kendrick, believes that the ETFs could gain regulatory approval by summer, driven by recent upgrades in the Ethereum network and expectations of lower transaction costs. The bank also highlighted the importance of the network’s recent Dencun upgrade in propelling Ethereum’s rapid price increase.
In a separate note, Standard Chartered also forecasted a bullish outlook for Bitcoin, suggesting a potential price target of $150,000 per coin by the end of the year if the newly approved ETFs continue to gain popularity. The approval of 11 Bitcoin ETFs by the SEC earlier in the year has been well-received by investors, leading to significant inflows and driving up the price of Bitcoin. With the overall positive sentiment towards both Bitcoin and Ethereum, these developments indicate a growing mainstream acceptance of cryptocurrencies as viable investment assets.