Standard Chartered Expects Ethereum ETFs Approval By May 23, Predicts $4k Price Target
Portfolio Pulse from Murtuza Merchant
Standard Chartered predicts the SEC will approve Ethereum ETFs by May 23 and forecasts a $4k price target for Ether. The report suggests Ethereum will face less post-approval selling pressure than Bitcoin due to the Grayscale Ethereum Trust's smaller market cap proportion. The 'Dencun' upgrade, aimed at reducing transaction costs, is also expected to boost Ethereum's value.
January 31, 2024 | 4:07 pm
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Standard Chartered forecasts a $4k price target for Ethereum by May 23, anticipating SEC approval of ETFs and a positive impact from the 'Dencun' upgrade.
The prediction of ETF approval by the SEC and the anticipated price target of $4k for Ethereum, along with the potential positive impact of the 'Dencun' upgrade, are likely to create optimism among investors, driving up the price in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Standard Chartered notes a slowdown in Grayscale Bitcoin Trust selling, which may help revive Bitcoin's price uptrend.
The report's mention of reduced selling pressure on the Grayscale Bitcoin Trust could indicate a short-term bullish sentiment for GBTC as it may alleviate some of the downward pressure on Bitcoin's price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70