Analysts from multi-national bank Standard Chartered believe Ethereum could reach $4K by the end of 2024, spearheaded by approvals of Ethereum spot ETFs in the United States.
The analysts, led by Standard Chartered’s head of forex and digital assets research, Geoffrey Kendrick, highlight 23 May 2024 as a critical date the SEC may approve the ETFs, following a similar timeline to the Bitcoin ETFs.
Kendrick Believes Spot ETFs Will Bolster Ethereum’s 2024 Price
Geoffrey Kendrick led a report into the potential for an Ethereum spot ETF and the consequences it may bring. The analysis concluded that Ethereum will hit $4,000 if the ETFs get the green light.
According to Kendrick, the SEC will likely approve the Ethereum ETFs because it has never considered ETH a security or taken legal action against any companies for selling it.
He drew comparisons to the Bitcoin spot ETF, anticipating that Ethereum’s regulatory status mimics that of BTCs.
“Heading into the expected approval date on May 23, we expect ETH prices to track, or outperform, Bitcoin (BTC) during the comparable period,” wrote Standard Chartered analysts.
In the lead-up to the Bitcoin spot ETF approvals, BTC experienced tremendous growth, climbing from $25K in mid-June when asset managers submitted ETF applications to $47K as the approvals took place.
Currently, Ethereum holds a price of $2,267.58, down 1.62% today and 1.54% this month.
The report believes that 23 May 2023 could be when the first batch of Ethereum spot ETFs are approved because this is the earliest deadline for applications.
In the case of Bitcoin’s spot ETFs, the SEC approved all ETFs simultaneously to remove any first-mover advantage, ensuring a fair and equal opportunity for all applicants.
Following the Bitcoin ETF approvals, the Bitcoin price slumped, reaching lows of $38K due to Grayscale’s relentless Bitcoin selling.
However, Kendrick believes ETH would face less post-ETF approval selling pressure because the existing Grayscale Ethereum Fund (ETHE) has a smaller market share than its Bitcoin counterpart.
Furthermore, the FTX estate holds fewer shares of ETHE than it did of the Grayscale Bitcoin Trust (GBTC). This is significant because FTX redemptions were responsible for $1 billion in Bitcoin sell pressure post-ETF approvals.
Based on its current price, Standard Chartered estimates a 76% gain in 2024 for Ethereum.
However, many market participants seek more notable gains in the coming year, with the Bitcoin halving and the crypto bull market looming. The reason Ethereum is anticipated for relatively modest gains is its vast $272 billion market cap.
With this in mind, emerging low market caps projects may present better alternatives. One of the best cryptos in this category is eTukTuk, a decentralized, electric vehicle protocol powered by AI and cutting-edge blockchain technology.
Leading Green Presale eTukTuk Also Backed to Explode After Raising $700K
eTukTuk is a new cryptocurrency that places zero-emission electric vehicles and charging stations in developing nations to tackle the global climate change issue.
The project will start by placing its physical infrastructure in Sri Lanka before expanding to other developing nations and the rest of the world.
eTukTuk also has a well-versed team with deep experience across the business, technology, and energy sectors. The team is based out of global crypto hubs like the United Arab Emirates and the United Kingdom.
As well as solving prominent environmental issues, eTukTuk also tackles socio-economic issues. According to its whitepaper, there are 1.4 billion unbanked adults in the world. This makes it difficult to access essential services like transportation.
But eTukTuk’s use of cryptocurrency means anyone can seamlessly create a wallet and access the network.
The project is built on the Binance Smart Chain, meaning transactions are fast and low-cost, ideal for a high-volume use case focused on serving the developing world.
To maximize efficiency, eTukTuk leverages AI technology, using it to establish optimal routes and minimize fuel consumption. It will also use AI for predictive maintenance, ensuring the physical infrastructure’s longevity and minimizing material wastage.
eTukTuk is currently undergoing a presale, having raised over $700K so far. It is priced at $0.02625, but this will rise in 12 days.
Visit eTukTuk Presale
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