According to Standard Chartered Bank, the SEC may approve spot Ethereum ETFs on May 23, the final deadline for current applications. This could lead to a surge in Ethereum price, potentially reaching over $4,000 by then. The bank’s analysts predict that the SEC will approve the ETH spot ETFs on May 23, which is equivalent to January 10 for BTC ETFs.
The bank’s Head of Forex and Digital Assets Research, Geoffrey Kendrick, stated that they expect the pending applications for ETH U.S. spot ETFs to be approved on May 23. This is the final deadline for the first of the ETFs under consideration.
The recent delay in spot Ethereum ETF applications for BlackRock and Fidelity has not dampened the bank’s optimism. Should the SEC approve the ETF proposals, Ethereum’s price could skyrocket. In anticipation of the approval, Standard Chartered predicts a potential spike to $4,000 for Ethereum.
This is similar to what happened with Bitcoin’s price after the spot Bitcoin ETF application by BlackRock. The price surged from around $25k to a high of $49k before dropping back to $43k. However, the market remains bullish as the next BTC halving approaches.
Ethereum also saw a surge in price after BlackRock filed for a spot ETH ETF in November, reaching highs above $2,700. Currently, the leading altcoin’s price is around $2,375 and is up 3% in the past hour. This is in line with the altcoin market’s bounce alongside the benchmark cryptocurrency.
In conclusion, the potential approval of spot Ethereum ETFs by the SEC on May 23 could have a significant impact on the price of Ethereum, potentially leading to a surge to $4,000. This is a similar trend to what happened with Bitcoin’s price after the spot Bitcoin ETF application by BlackRock.