Ethereum

Standard

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Standard Chartered has forecasted that the U.S. Securities and Exchange Commission (SEC) is poised to approve exchange-traded funds (ETFs) for Ethereum in May, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-01-30/sec-is-likely-to-approve-ethereum-etf-in-may-standard-chartered-predicts-eth" rel="noopener noreferrer nofollow">reports</a>. &nbsp;
This anticipated approval is expected to significantly impact Ethereum's market value, with predictions suggesting a surge to $4,000 by May 23, the final deadline for ETF applications from VanEck and Ark 21Shares.&nbsp;
<h2 id="not-so-fast">Not so fast?&nbsp;</h2>
Despite the optimistic outlook from Standard Chartered, the SEC's impending decision on Ethereum ETFs is met with varying opinions from analysts.
Legal experts Jake Chervinsky and Scott Johnsson have <a href="https://u.today/ethereum-etf-approval-odds-questioned-by-analyst" rel="noopener noreferrer nofollow">voiced</a> skepticism over a guaranteed positive outcome.&nbsp;
Chervinsky stressed the erroneous assumption that the SEC's past decisions on Bitcoin ETFs will automatically translate to Ethereum.&nbsp;
Johnsson pointed to potential regulatory hurdles, arguing that the SEC might demand consistent correlation across a 2.5-year sample period.
This diverging viewpoint is echoed in the industry, with JPMorgan offering a cautious 50% chance of approval due to legal uncertainties, while Bloomberg Intelligence's Eric Balchunas predicts a more optimistic 70% chance of approval.
<h2 id="ethereum-s-price-performance">Ethereum's price performance&nbsp;</h2>
The current trading price of Ethereum stands at approximately $2,372.37 with a market cap nearing $285 billion.&nbsp;
Despite these robust figures, the Ethereum Fear and Greed Index indicates a neutral market sentiment, with a current score of 54.&nbsp;
This underscores the cautious optimism among investors as they await the SEC's decision and its potential impact on Ethereum's value.

Standard Chartered Predicts Ethereum (ETH) Price Will Hit $4,000 Following ETF Approval

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