Ethereum Could Top $14000 in 2025 Along With Bitcoin Boom
Spot Ethereum exchange-traded funds must acquire approval by May, and Standard Chartered claims the asset will only rise from there.
Standard Chartered, a UK multinational, is not only optimistic about Bitcoin. According to analysts, Ethereum is also moving towards greatness.
The UK bank’s March 18 report predicts that the second biggest digital asset might hit $8000 by the end of 2024, and $14,000 is likely by the end of next year.
Bids for Spot Ethereum ETFs to Secure Approval
Geoffrey Kendric, Standard Chartered’s head of forex and crypto research, said this would happen following the approval of spot Ethereum exchange-traded funds (ETFs).
CoinGecko data shows that Ethereum’s price is hovering slightly over $3,500 for every coin. Some high-profile managers have submitted paperwork to the Securities and Exchange Commission (SEC) seeking approval for the spot Ethereum exchange-traded funds. These types of investment vehicles would ensure access to the cryptocurrency through shares trading on a stock exchange.
According to Kendrick, the bank anticipates the ETH exchange-traded funds to secure approval from the Securities and Exchange Commission by the summer. He wrote that, at present, Ethereum is between two critical events that drive price upside.
Dencun Upgrade Critical to Lower Transactions Cost
It has only acquired a structurally major advancement, and United States regulatory consent of Ethereum exchange-traded funds is anticipated in May. Further, Kendrick noted that the network’s present Dencum upgrade could have led to Ethereum shooting up quickly.
The network behind the second-biggest cryptocurrency was also improved. According to developers, the enhancement will result in relatively cheap transaction fees on the blockchain.
Further, Kendrick noted that the improvement and reduced costs on the platform enhance Ethereum’s‘ competitiveness.’ In a different research note, Standard Chartered revealed the possibility of Bitcoin hitting $150,000 for every coin by the end of 2024 in case the newly sanctioned exchange-traded funds sustain their popularity.
In January, the United States SEC granted approval to 11 of the investment vehicles. So far, they have been quite popular with investors, and the immense inflows have significantly increased Bitcoin’s price.
