Standard Chartered, the British multinational banking giant, is maintaining its prediction that Ethereum (ETH) will reach $8000 by the end of 2024. The bank has become optimistic about the approval of an Ethereum Exchange-Traded Fund (ETF) in the United States, with a “80% to 90%” confidence level that it will happen this week. Geoff Kendrick, Head of FX Research and Digital Assets Research, stated that after approval, ETH spot ETFs could bring in 2.39-9.15 million ETH, equivalent to $15 billion to $45 billion in US dollars, in the first year. This prediction aligns with Kendrick’s previous estimation based on Bitcoin ETF inflows. Bitcoin spot ETFs in the US have already accumulated $12.8 billion in net inflows since their launch in January. The recent news that the Securities and Exchange Commission (SEC) urged exchanges to expedite their applications to list ETH spot ETFs has further supported the bullish outlook for Bitcoin and Ethereum. Standard Chartered believes that Bitcoin will reach $150,000 by the end of 2024, which implies a price of $8,000 for Ethereum. Kendrick also expects the ETH/BTC price ratio to remain at 0.054 throughout the year and predicts that by the end of 2025, Bitcoin will reach $200,000 per coin and Ethereum will reach $14,000.
