Standard Chartered Bank expects Ethereum spot ETF to be approved on May 23, saying ETH could soar to $4K.

Standard Chartered Bank said it expects to approve a spot Ethereum ETF on May 23, and that ETH prices could surge to $4,000 before the decision is announced.

Geoffrey Kendrick, head of foreign exchange and digital assets, said in a Jan. 30 note that May 23 is the deadline for the Securities and Exchange Commission (SEC) to consider the first ETF (exchange-traded fund).

Kendrick expects the SEC to adopt the same strategy it used to approve a spot Bitcoin ETF. In this case, the regulator may continue to delay its decision on a spot Ethereum ETF until its deadline.

“We expect the pending application for the ETH U.S. spot ETF to be approved on May 23, the final deadline for the first ETF under consideration, equivalent to January 10 for the Bitcoin ETF,” he said.

The analyst also said that if “ETH price performance is similar to that prior to the approval of a Bitcoin ETF,” ETH prices could rise to $4,000.

Since the SEC has not classified Ethereum as a security, this is also the basis for Kendrick’s belief that a spot Ethereum ETF will be approved soon. Supporting the analyst’s prediction is the listing of Ethereum as a regulated futures contract on the Chicago Mercantile Exchange.

The analyst also added that the bank sees “no fundamental reason for the SEC to treat Ethereum as a different asset than CME.”

However, investment bank TD Cowen said the U.S. might not approve a spot Ethereum ETF until late 2025 or early 2026.

“We see no merit in SEC Chairman Gary Gensler approving a spot Ethereum ETF given the displeasure expressed by progressive Democrats over the agency’s approval of a spot Bitcoin ETF earlier this month,” Jaret Seiberg, an analyst at TD Cowen’s Washington research team, said in a Jan. 29 note.

Related articles:
Are Crypto Presales Worth It? The Pros and Cons You Need to Know!
Ethereum Price Prediction: SEC Delays Decision on Grayscale Ethereum ETF, Traders Turn to the EV Crypto for Potential Index Gains
XYZ LPX tokens will be released on January 31st, and the trading platform will be launched in February, providing an investment return of 14000%
New Cryptocurrency Mining Platform - Bitcoin Minetrix
Rating:
Audited by Coinsult
Decentralized and secure cloud mining
Earn free Bitcoin every day
Currently pre-selling the native token - BTCMTX
Staking Rewards - Annualized Rate of Return of More Than 100%

Learn more
Join our Telegram channel for the latest breaking news coverage