Standard Chartered Analysts: Ethereum Could Reach $4K by 2024 with Spot ETF Approvals
Analysts from multi-national bank Standard Chartered believe that Ethereum has the potential to reach $4,000 by the end of 2024. They predict that this surge will be driven by the approval of Ethereum spot exchange-traded funds (ETFs) in the United States. The analysts, led by Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, identify 23 May 2024 as a crucial date when the SEC may approve the ETFs, following a timeline similar to that of Bitcoin ETFs.
Ethereum ETF Approval Expected Based on Regulatory Status
Kendrick believes that the SEC is likely to approve Ethereum ETFs because it has never treated ETH as a security or taken legal action against any companies for selling it. He draws comparisons to Bitcoin spot ETFs and expects Ethereum’s regulatory status to mirror that of BTC. The report predicts that Ethereum prices will track or outperform Bitcoin in the lead-up to the expected approval date on 23 May.
Comparison with Bitcoin Spot ETF Approvals and Post-Approval Selling Pressure
The report highlights how Bitcoin experienced significant growth leading up to the approval of its spot ETFs. However, after approval, the Bitcoin price slumped due to Grayscale’s selling pressure. Kendrick believes that Ethereum would face less post-ETF approval selling pressure because the existing Grayscale Ethereum Fund (ETHE) has a smaller market share than its Bitcoin counterpart. He also notes that FTX holds fewer shares of ETHE compared to the Grayscale Bitcoin Trust (GBTC), which contributed to significant sell pressure in Bitcoin post-ETF approvals.
Ethereum’s Potential Gain and Consideration for Emerging Low Market Cap Projects
Based on its current price, Standard Chartered estimates a 76% gain for Ethereum in 2024. However, the report acknowledges that market participants may seek more significant gains in the coming year due to the Bitcoin halving and the crypto bull market. Ethereum’s large market cap of $272 billion is seen as a limiting factor for substantial gains. The report suggests that emerging low market cap projects, such as eTukTuk, a decentralized electric vehicle protocol powered by AI and blockchain technology, may present better alternatives.
eTukTuk: A Green Crypto Project with Socio-Economic Impact
eTukTuk is a new cryptocurrency that aims to address global climate change by deploying zero-emission electric vehicles and charging stations in developing nations. The project’s initial focus is on Sri Lanka before expanding to other developing countries and eventually the rest of the world. eTukTuk also tackles socio-economic issues by leveraging cryptocurrency to provide access to essential services like transportation for the 1.4 billion unbanked adults worldwide.
Presale Opportunity for eTukTuk
eTukTuk is currently undergoing a presale, having raised over $700K so far. The project is built on the Binance Smart Chain, enabling fast and low-cost transactions ideal for serving the developing world. With AI technology, eTukTuk optimizes routes, minimizes fuel consumption, and ensures predictive maintenance of its physical infrastructure.
Hot Take: Ethereum’s Potential Growth and Alternative Opportunities
Standard Chartered analysts predict that Ethereum could reach $4K by the end of 2024 if Ethereum spot ETFs are approved in the United States. However, due to Ethereum’s large market cap, more substantial gains may be sought in emerging low market cap projects. One such project is eTukTuk, a green crypto initiative focused on deploying zero-emission electric vehicles and charging stations in developing nations. With its presale currently underway, eTukTuk offers an opportunity for investors interested in supporting environmentally-friendly and socio-economically impactful projects.
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