SEC Could Approve Ether Spot ETFs By May: Banking Giant Exec Explains
Standard Chartered predicts SEC's approval of Ethereum ETFs by May 23, expressing high hopes for Ether’s price post-approval
According to Standard Chartered Bank’s head of forex and digital assets research, The SEC is taking the same approach with the Bitcoin ETF and will possibly approve Ethereum ETFs by May 23. Talking about approach, he was referring to the strategy where The SEC declined Bitcoin ETFs initially and accepted them on the set deadline.
Hopes are high for the price of Ethereum after approvals, Geoffrey Kendrick believes Ethereum's price could reach $4,000 by the approval date, given the SEC hasn't called it a security and its presence on the Chicago Mercantile Exchange.
Kendrick has shown optimism and positivity towards crypto price, suggesting that Bitcoin could hit $100,000 by year-end and $200,000 by 2025. Despite Bitcoin's price drop after ETF approvals, he expects steady gains.
Kendrick further mentioned that Ethereum is less likely to drop in price after ETF approval since Grayscale's Ethereum Trust is smaller compared to its Bitcoin Trust. This means their sell off may not have as much impact on Ether's market.
He believes that simple Ethereum ETFs may be approved first, with staking yield ETFs to follow. However, staking rewards are currently not significant due to high fees.
Additionally, an Ethereum upgrade is coming soon. The upcoming upgrade could positively impact Ether’s price by lowering fees and making Ethereum more competitive, Kendrick said.
