Standard Chartered Claims Ethereum ETFs Could Garner $45 Billion

Standard Chartered Bank’s revised Bitcoin year-end price forecast has generated excitement within the crypto community. However, the bank’s Ethereum price prediction has sparked divided investor sentiment.

Geoffrey Kendrick, Head of Crypto Research and EM FX West at Standard Chartered, remains optimistic about the approval of spot Ethereum ETFs by May 23. Despite dissenting views in the market, Kendrick believes in the SEC’s treatment of Ethereum and recent developments in the ETH ecosystem.

Kendrick’s non-consensus perspective is supported by the bank’s analysts, who expect significant inflows through ETH ETFs, similar to the pattern seen with BTC ETFs after SEC approval.

Looking at the current price projections for Ethereum, Kendrick anticipates accelerated growth if Ethereum ETFs are approved in May. Revised estimates suggest a target of $8,000 by the end of 2024, two years earlier than previously forecasted. Additionally, Kendrick sets a price target of $14,000 for ETH by the end of 2025, aligning with bullish market sentiments.

Kendrick also highlights Ethereum’s increasing usage and adoption in gaming, tokenization, and real-world industries, particularly in the areas of NFTs and DeFi channels.

On March 13th, Ethereum’s Dencun upgrade went live, aiming to reduce transaction fees on Layer 2 networks and enhance competitiveness.

Overall, while the crypto community is excited about Standard Chartered’s Bitcoin price forecast, there is divided opinion on the bank’s Ethereum price prediction. Nevertheless, Kendrick remains optimistic about the approval of spot Ethereum ETFs and expects Ethereum’s price to experience significant growth if this happens.