ETH Price Surge: Standard Chartered Predicts Potential Rise to $4,000 by May
Rally Driven by BlackRock's ETF Filing
Ether (ETH), the second-largest cryptocurrency by market value, has witnessed a significant surge in price, surpassing the $3,500 level. Analysts attribute this rally to BlackRock's recent filing for a spot Ethereum exchange-traded fund (ETF), which has fueled optimism about the asset's future.
Standard Chartered's Price Target
Amidst the bullish sentiment, Standard Chartered has issued a prediction that ETH's price could climb to $4,000 by May 23, further buoying market expectations. The financial institution believes that the increasing demand for crypto assets is driving the price increase.
SEC Approval Contingent
However, the potential price surge is contingent upon the Securities and Exchange Commission (SEC) approving a spot Ethereum ETF by May 31, 2024. If this occurs, the bet will settle positively, indicating that ETH has received regulatory endorsement.
Long-Term Prospects
Analysts anticipate that ETH could potentially reach new all-time highs in the coming months if the SEC grants ETF approval. The underlying applications and use cases of Ethereum, such as smart contracts and decentralized finance, continue to attract investors.
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