Cryptocurrency enthusiasts are buzzing with excitement over Standard Chartered’s updated Bitcoin year-end forecast, but the waters are murkier when it comes to the bank’s Ethereum prediction.
While Standard Chartered’s revised projection for Bitcoin’s year-end price has garnered widespread approval, the same cannot be said for its stance on Ethereum. The UK-based bank remains resolute in its Ethereum forecast, setting the stage for a divided investor sentiment.
According to the bank’s latest insights, there’s anticipation brewing for significant developments in the Ethereum landscape. Geoffrey Kendrick, Head of Crypto Research and EM FX West at Standard Chartered, is particularly bullish on Ethereum’s prospects, especially with the potential approval of spot Ethereum ETFs looming on the horizon.
Kendrick’s optimism regarding the approval of spot Ethereum ETFs, expected by May 23, stands in contrast to prevailing market skepticism. He holds firm to his belief that the SEC’s treatment of Ethereum and recent advancements within the ETH ecosystem could pave the way for substantial inflows through ETH ETFs.
Also Read: Greenlight for Grayscale’s Ethereum ETF? NYSE Arca Listing Awaits SEC Nod
Should Ethereum ETFs get the regulatory green light, Kendrick foresees an accelerated growth trajectory for Ethereum’s price. Revised estimates now target a whopping $8,000 by the end of 2024, a forecast 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 rising adoption across various sectors, including gaming, tokenization, and real-world industries leveraging NFTs and DeFi channels. Highlighting Ethereum’s recent Dencon upgrade, which went live on March 13th, Kendrick underscores its potential to reduce transaction fees on Layer 2 networks, thereby enhancing competitiveness and further fueling Ethereum’s ascent.
With opinions split and Ethereum’s future uncertain, everyone is watching closely to see what happens next.
Do you agree with Standard Chartered’s bullish outlook on Ethereum?
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