Standard Chartered Predicts Ethereum ETF Approval by May, Forecasts $14,000 by 2025
Standard Chartered Bank has expressed its optimism about the future of Ethereum, predicting that its price could reach $8,000 by 2024 and $14,000 by 2025. The bank’s positive outlook is based on its belief that Ethereum’s growing adoption in various sectors, coupled with the potential approval of Ethereum ETFs by May 23rd, will drive its value higher. While some market sentiment may be skeptical of this prediction, it aligns with the bank’s view of the strength of the Ethereum ecosystem.
Standard Chartered’s bullish projections for Ethereum are fueled by the expectation of significant developments in the Ethereum landscape. Geoffrey Kendrick, the Head of Crypto Research and EM FX West at the bank, is particularly optimistic about the potential approval of spot Ethereum ETFs. Despite prevailing market skepticism, Kendrick believes that the SEC’s treatment of Ethereum and recent advancements within the ETH ecosystem could lead to substantial inflows through ETH ETFs.
If Ethereum ETFs receive regulatory approval, Kendrick predicts that the price of Ethereum could experience accelerated growth. The revised estimates now target a price of $8,000 by the end of 2024, two years earlier than previously anticipated. Looking even further ahead, Kendrick sets an ambitious price target of $14,000 for ETH by the close of 2025, in line with bullish market sentiments.
Kendrick points to Ethereum’s expanding utility and increasing adoption across various sectors as factors driving its growth. This includes its use in gaming, tokenization, and real-world industries that leverage NFTs and DeFi channels. Kendrick also highlights Ethereum’s recent Dencon upgrade, which aims to reduce transaction fees on Layer 2 networks, making it more competitive and further fueling its ascent.
With divided opinions and uncertainty surrounding Ethereum’s future, many are closely watching to see what unfolds. Standard Chartered’s bullish outlook on Ethereum has sparked excitement among cryptocurrency enthusiasts, although it remains to be seen whether their predictions will come to fruition.