- Standard Chartered Bank said the SEC could approve a spot Ethereum ETF on May 23, the regulator’s current application deadline.
- The bank said in a report that the price of Ethereum could surge above $4,000 by then.
The U.S. Securities and Exchange Commission (SEC) is likely to approve the first spot Ethereum ETF in May, Standard Chartered Bank said in a report on Tuesday.
In particular, banking analysts believe that regulators approved the ETH spot ETF on May 23. According to a memo the bank shared with customers and reported: the blockThe May date is the final deadline for applications before the SEC.
“We expect the pending applications for the ETH US spot ETF to be approved on May 23rd, which is the final deadline for the first ETF under consideration, which is the same as January 10th for the BTC ETF.” This is the findings of Geoffrey Kendrick, Head of Forex and Digital Assets, Standard Chartered Bank.
ETH price could surge to $4,000.
The SEC recently delayed applications for a spot Ethereum ETF from BlackRock and Fidelity. However, the price of Ethereum could surge before regulators approve the ETF proposal. Ahead of approval, Standard Chartered expects it to potentially surge to $4,000.
“If ETH price moves similarly to what BTC price did ahead of BTC ETF approval, ETH could trade as high as $4,000 by then.”
Following BlackRock’s spot Bitcoin ETF subscription, the price of Bitcoin rebounded, skyrocketing from around $25,000 to a high of $49,000. The price rebounded from around $38,600 last week before heading back to lows of $43,000, but the market is optimistic as the next BTC halving approaches.
Ethereum soared to a new high above $2,700 after BlackRock launched a spot ETH ETF in November. The price of the major altcoin is currently close to $2,375, up 3% over the past hour as the altcoin market is expected to rebound along with the benchmark cryptocurrency.