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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/sec-may-approve-ethereum-etfs-soon" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC May Approve Ethereum ETFs Soon</a><br></p>
<p style="text-align: justify">The cryptocurrency market is abuzz with anticipation as the approval dates for spot Ethereum ETFs by the SEC approach. VanEck and Ark Invest/21Shares are up for potential approval on May 23 and May 24, respectively. Standard Chartered, a leading bank, has expressed optimism that the US Securities and Exchange Commission will greenlight Ether ETFs this week.</p>
<h2 id="what-does-the-bank-expect-if-approval-comes">What Does the Bank Expect If Approval Comes?</h2>
<p style="text-align: justify">Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, forecasts that upon approval, spot Ethereum ETFs could attract between 2.39 and 9.15 million Ethereum within the first year, translating to a market value of approximately $15 billion to $45 billion. Kendrick notes that their estimates align with their previous predictions for <a href="https://en.bitcoinhaber.net/bitcoin-soars-beyond-48k-as-markets-eagerly-eye-50k-threshold" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs, showing a consistent <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="external">market valuation</a> ratio.</p>
<h2 id="year-end-target-for-ethereum-is-8-000">Year-End Target for Ethereum is $8,000</h2>
<p style="text-align: justify">Kendrick further speculates that if the approval is granted this week, Ethereum could mirror Bitcoin’s performance and sustain a 5.4% price increase throughout 2024. This would result in Ethereum reaching $8,000 by the end of the year. He also projected that Bitcoin would hit $200,000 by the end of 2025, potentially driving Ethereum’s price up to $14,000.</p>
<h2 id="sec-requested-amended-filings">SEC Requested Amended Filings</h2>
<p style="text-align: justify">The SEC has indicated possible progress in the approval process by requesting updated 19b-4 filings for spot ETH ETFs, with Fidelity submitting the necessary documentation today. Despite these developments, approval is not guaranteed. Bloomberg ETF analysts James Seyffart and Eric Balchunas have increased the likelihood of SEC approval from 25% to 75%. Ethereum’s price has surged more than 21% in the last 24 hours, reaching $3,719.</p>
<h2 id="key-insights">Key Insights</h2>
<ul>
 <li>Standard Chartered predicts a significant influx of investment into Ethereum ETFs.</li>
 <li>Ethereum’s price could rise to $8,000 by the end of 2024 if approved.</li>
 <li>The SEC’s request for updated filings suggests progress, but approval remains uncertain.</li>
 <li>Market analysts have increased the probability of approval to 75%.</li>
</ul>
<p style="text-align: justify">In summary, the cryptocurrency market is closely watching the SEC’s pending decision, which could have substantial impacts on Ethereum’s market dynamics. The coming days will be critical for potential investors and stakeholders.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/sec-may-approve-ethereum-etfs-soon" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC May Approve Ethereum ETFs Soon</a></h5>

SEC May Approve Ethereum ETFs Soon

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