British Bank’s ETH Forecast
Standard Chartered, the British multinational banking giant, is maintaining its prediction of an $8,000 price target for Ethereum (ETH) by 2024. This decision comes as expectations for the approval of an Ethereum Exchange-Traded Fund (ETF) have taken a positive turn. In a recent discussion with The Block, the bank expressed strong confidence in the potential launch of Ether spot ETFs in the United States, noting a likelihood of “80% to 90%” for approval.
Ethereum ETF Prospects and Price Predictions
Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, shared insights on the potential impact of ETH ETF approvals. He stated, “After approval, we estimate that spot ETFs will drive inflows of 2.39-9.15 million ether in the first 12 months, amounting to approximately $15 billion to $45 billion in U.S. dollar terms.” Kendrick’s predictions for ETH ETF inflows align with those he made in a research note from March, drawn from comparisons with Bitcoin ETF inflows.
In contrast, Kendrick’s positive outlook extends to Bitcoin as well, with expectations of Bitcoin reaching $150,000 by the end of 2024. This projection implies a price of $8,000 for Ethereum, highlighting Standard Chartered’s confidence in the growth potential of both cryptocurrencies. Furthermore, Kendrick foresees the ETH/BTC price ratio remaining stable at 0.054 through the end of the year and anticipates Bitcoin hitting $200,000 per coin and Ethereum reaching $14,000 by the close of 2025.
