Standard Chartered Bank Analyst Predicts SEC Approval of Ethereum ETFs by May 23
Geoffrey Kendrick, an analyst at Standard Chartered Bank, believes that the US Securities and Exchange Commission (SEC) will approve Ethereum exchange-traded funds (ETFs) by May 23. He draws parallels between the SEC’s approach to Bitcoin ETFs and the potential approval process for Ethereum ETFs.
Kendrick points out that the SEC has not treated Ether as a security in its legal actions and that Ether is already traded as a future on the Chicago Mercantile Exchange. He believes that this sets a positive precedent for the approval of Ethereum ETFs.
Ethereum Price Could Reach $4,000 by May 23
Kendrick predicts that if Ethereum ETFs are approved, the hype surrounding it may drive the price of Ethereum (ETH) to reach $4,000 by May 23. He notes that Grayscale, which has an Ethereum trust, intends to convert it into an ETF and will likely appeal if denied.
Kendrick’s Optimism on Cryptocurrencies and Price Valuations
Kendrick expresses overall optimism about cryptocurrencies and their price valuations. He predicts that Bitcoin could reach $100,000 by the end of this year and $200,000 by 2025. He believes these targets are achievable, especially with continuous inflows into Bitcoin ETFs.
No Post-Approval Price Drop Expected for Ethereum
Kendrick expects that unlike Bitcoin, Ethereum will not experience a significant drop in price following ETF approval. This is because the Grayscale Ethereum Trust is not as influential in the Ethereum market as Grayscale’s Bitcoin Trust was for Bitcoin.
SEC Likely to Approve Basic Ethereum ETFs on May 23
Kendrick anticipates that on May 23, the SEC will approve basic Ethereum ETFs that track the price of Ethereum. He also suggests that ETFs incorporating additional earnings from staking may come later, similar to existing options in Europe.
Ethereum Upgrades and Price Benefits
Kendrick highlights the upcoming upgrades to Ethereum, stating that they will enhance its competitiveness and maintain high staking rewards. He believes that these factors will contribute to the positive trajectory of Ethereum’s price.
Hot Take: SEC Approval of Ethereum ETFs Expected to Drive ETH Price Surge
Geoffrey Kendrick, an analyst at Standard Chartered Bank, predicts that the approval of Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) by May 23 will have a significant impact on the price of Ethereum (ETH). Kendrick draws parallels with the SEC’s approach to Bitcoin ETFs and expects a similar outcome for Ethereum. With the SEC not treating Ether as a security in legal actions and its existing trading as a future on the Chicago Mercantile Exchange, Kendrick is confident in the approval of Ethereum ETFs. He believes this hype will drive ETH’s price to reach $4,000 by May 23.
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