Standard Chartered Bank expects Ethereum ETF to be approved and reiterates ETH's year-end target of $8,000

Standard Chartered Bank expects the U.S. Securities and Exchange Commission to approve an Ethereum ETF this week. The deadline for the first round of spot Ethereum ETFs is approaching, with VanEck's application resolution deadline on May 23 and Ark Invest/21Shares' deadline on May 24. Geoff Kendrick, head of foreign exchange research and digital asset research at Standard Chartered Bank, said that if the ETF is approved, 2.39-9.15 million ETH are expected to enter the market in the first 12 months, equivalent to about $15 billion to $45 billion. Kendrick said this would be similar to the inflows of Bitcoin ETFs. In addition, if the Ethereum ETF is approved this week, Ethereum is expected to maintain its price exchange rate with Bitcoin and reach $8,000 by the end of 2024. (The Block)