SEC May Approve Ethereum ETF by May 23, Potentially Propelling ETH Price to $4,000, Says Billion-Dollar Giant Standard Chartered

• Standard Chartered projects a potential SEC approval for an Ethereum ETF by May 23, potentially driving ETH prices to $4,000.
• The approval could mirror the path of Bitcoin ETFs, with significant market inflows expected, reinforcing Ethereum’s strong market position.

The SEC might greenlight an Ethereum ETF by May 23, potentially boosting ETH prices to $4,000, according to financial powerhouse Standard Chartered. This optimism stems from the anticipated U.S. regulatory nod for spot-based exchange-traded funds (ETFs), which could mirror the successful approval trajectory of Bitcoin ETFs.

In a detailed analysis shared via a YouTube video, Standard Chartered’s research team, led by Geoff Kendrick, forecasts a nearly 70% surge in Ether’s value, reaching the $4,000 mark. The team pegs May 23 as a tentative date for the SEC’s approval of applications from firms like VanEck and Ark/21Shares, drawing parallels to the regulatory body’s previous stance on Bitcoin ETFs.

Additionally, in my recent tweet, I outlined two compelling reasons why the SEC’s approval of an ETH ETF on May 23 is highly plausible, echoing the sentiments of the billion-dollar financial institution.

#SEC to Approve Ethereum ETF on May 23, says billion-dollar giant #StandardChartered, with a price target of $4,000, because:

1⃣ The SEC never declared #ETH a security, and the ecosystem is backed by #JPMorgan, #Microsoft, and others through #ConsenSys.
2⃣ The futures ETFs have… pic.twitter.com/isS2hg7pBr

— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) January 31, 2024

Standard Chartered predicts a major market impact from the SEC’s recent approval of Bitcoin ETFs, expecting $50-100 billion in inflows in 2024, with a potential rise to $130 billion. The bank believes the market underestimates the approval chances, noting no clear reason for the SEC to differentiate between ETH and Bitcoin.

With ETH futures already on the Chicago Mercantile Exchange and ETH not classified as a security in the SEC’s Ripple case, the bank anticipates ETH prices could surpass Bitcoin’s performance as the ETF approval date nears.

ETH is currently trading at $2,337, having increased by 1.28% in the past day and 4.54% in the past week, as shown in the chart below.