Standard Chartered Bank predicts that the US Securities and Exchange Commission (SEC) could approve the first spot Ethereum ETF on May 23, marking the final deadline for current applications. The bank anticipates a surge in Ethereum’s price, potentially reaching over $4,000 in the lead-up to the approval. The SEC recently delayed spot Ethereum ETF applications from BlackRock and Fidelity. Standard Chartered draws parallels with Bitcoin’s price rally following BlackRock’s spot Bitcoin ETF application, and if history repeats, Ethereum could experience significant price growth. Ethereum is currently trading near $2,375, showing a 3% increase in the past hour.
The potential approval of spot Ethereum ETFs reflects the growing acceptance of cryptocurrencies in traditional finance. If approved, it could lead to increased institutional participation in Ethereum, driving up demand and prices. Investors are closely watching regulatory developments, as seen in the bank’s projections based on historical Bitcoin ETF approval trends. However, it’s essential to note the inherent volatility in cryptocurrency markets, and factors beyond ETF approvals can influence price movements. As Ethereum aims to transition to a proof-of-stake consensus mechanism, developments in its technology may also impact its long-term value.
