- May 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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Standard Chartered Affirms $8,000 Ethereum Projection
Standard Chartered has reiterated its forecast that Ethereum (ETH) will reach $8,000 by the end of the year, fueled by growing expectations of ETF approvals.
Geoffrey Kendrick, StanChart’s head of crypto research, emphasized the surge in investor optimism and market activity in a recent note shared with CryptoSlate.
The heightened anticipation of spot Ethereum ETF approvals was bolstered by Bloomberg analyst Eric Balchanus, who raised the likelihood from 25% to 75% this week, attributing the shift to changes in the Biden administration’s stance.
With Polymarket also revising the approval odds to over 60% from 10%, the crypto market has been buzzing with excitement, influencing trading platforms and asset prices.
The narrowing of the net asset value (NAV) discount on the ETH Grayscale Trust (ETHE) from -25% to -12% signifies a growing bullish sentiment in the market, as highlighted by Kendrick.
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Ethereum Price Surge and Market Impact
Following the positive news, Ethereum prices surged by 18% to $3,700, driving similar uptrends across several digital assets and bolstering market confidence.
All eyes are now on the US SEC, which is expected to announce its decision on the spot ETH applications by Thursday, with market participants observing for any timing patterns akin to the Bitcoin ETF approvals earlier this year.
Kendrick’s projection of potential inflows of $15 billion to $45 billion from ETH ETFs within the first year underscores the significant impact anticipated, surpassing the impact of BTC ETF flows.
With ambitious price targets set for Ethereum at $8,000 by the end of 2024 and $14,000 by the end of 2025, Kendrick anticipates Ethereum’s role as the ‘big tech’ of digital assets to attract substantial investor interest.
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Impending Decision and Market Outlook
The impending decision on ETH ETFs holds the potential to further legitimize the crypto sector, attracting significant capital inflows and boosting market confidence.
Investors and market watchers eagerly anticipate Thursday’s decision, which could mark a pivotal moment for Ethereum and the broader digital asset market, shaping the trajectory of future developments.
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