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<a href="https://coingape.com/standard-chartered-revises-bitcoin-price-prediction-to-50000-120k-in-2024/" rel="noopener noreferrer nofollow">Standard Chartered Bank </a>has projected a bullish rally for Ethereum, anticipating a major surge in its value following potential ETF approvals. Geoffrey Kendrick, the bank’s head of forex and digital assets research, recently highlighted May 23 as a crucial date. This is when the SEC might greenlight the first batch of U.S. <a href="https://coingape.com/spot-ethereum-etf-has-60-chances-of-approval-by-may-23-else-in-2025/" rel="noopener noreferrer nofollow">spot Ethereum ETFs</a>, aligning with a similar timeline previously seen with Bitcoin ETFs.
<h2 id="anticipated-sec-strategy-and-ethereum-s-market-prospects">Anticipated SEC Strategy and Ethereum’s Market Prospects</h2>
The SEC’s approach mirrors the path of <a href="https://coingape.com/spot-bitcoin-etfs-see-inflows-of-33-1-million-on-day-6/" rel="noopener noreferrer nofollow">Bitcoin ETFs,</a> starting with initial rejections before granting final approvals. Kendrick points out the importance of this date, likening it to a similar milestone for Bitcoin ETFs on January 10. He suggests that Ethereum’s price trajectory following Bitcoin’s pre-ETF approval pattern could soar as high as $4,000.
Kendrick bases his optimism on several factors. The SEC has not labeled Ethereum as a security in its legal pursuits against crypto entities. This distinction and Ethereum’s status as a regulated futures contract on the Chicago Mercantile Exchange strengthens the case for ETF approval. 
Moreover, <a href="https://coingape.com/breaking-grayscale-files-with-sec-to-convert-its-ethereum-trust-to-spot-ethereum-etf/" rel="noopener noreferrer nofollow">Grayscale’s Ethereum trust</a>, poised to transition into an ETF, adds to the anticipation. Kendrick perceives no substantial reason for the SEC to deviate from the CME’s stance on Ethereum.
<h2 id="resilience-and-future-developments">Resilience and Future Developments</h2>
Ethereum’s market dynamics present a resilience not seen in Bitcoin’s post-ETF approval phase. Kendrick attributes this to the relatively smaller market share of the Grayscale Ethereum Trust compared to its Bitcoin counterpart during the BTC ETF approvals. Additionally, <a href="https://coingape.com/breaking-ftx-gets-court-approval-to-sell-crypto-holdings/" rel="noopener noreferrer nofollow">FTX holdings</a> within this framework are notably low, further insulating Ethereum from similar post-approval volatility.
May 23 might usher in basic Ethereum ETFs, reflecting the cryptocurrency’s price movements. However, Kendrick foresees the introduction of more complex ETFs, potentially including staking yield rewards, at a later stage. 
He acknowledges the existence of such ETFs in Europe, citing the 21Shares Ethereum Staking ETP (AETH) as a prominent example. Nonetheless, he notes that higher fees associated with these ETFs often counterbalance the staking rewards.
<h2 id="impact-of-upcoming-ethereum-upgrades">Impact of Upcoming Ethereum Upgrades</h2>
Ethereum’s upcoming Dencun or <a href="https://coingape.com/ethereum-dencun-upgrade-here-are-2-crucial-dates-to-watch/" rel="noopener noreferrer nofollow">Proto-Danksharding upgrade</a> garners attention in Kendrick’s analysis. He believes this upgrade will bolster Ethereum’s value by enhancing the ecosystem’s efficiency. By reducing Layer 2 fees, Ethereum becomes more competitive. 
Concurrently, a deceleration in staking pace is likely to sustain higher staking rewards for an extended period. These factors collectively promise a positive outlook for Ethereum’s price.
Read Also: <a href="https://coingape.com/blackrock-and-fidelity-bitcoin-etfs-challenge-grayscales-reign/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">BlackRock and Fidelity Bitcoin ETFs Challenge Grayscale’s Reign</a>
The post <a href="https://coingape.com/ethereum-etf-approval-could-boost-eth-to-4k-standard-chartered/" rel="noopener noreferrer nofollow">Ethereum ETF Approval Could Boost ETH to $4K: Standard Chartered</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum ETF Approval Could Boost ETH to $4K: Standard Chartered

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