#BTC #ETHETFS #ADA/USDT StanChart reaffirms Ethereum's potential to reach $8000 after ETF approval

Standard Chartered reiterated its projection that Ethereum (ETH) will reach $8,000 by the end of this year, following growing anticipation of ETF approval.

StanChart's head of crypto research, Geoffrey Kendrick, said in a note shared with CryptoSlate that the latest developments reflect growing investor optimism and increased market activity.

Kendrick's remarks came after Bloomberg analyst Eric Balchanus significantly increased the likelihood of an Ethereum ETF approval this week.

Balchanus raised his odds from 25% to 75%, citing the Biden administration's change in attitude toward the agreement. Polymarket also revised approval odds to over 60% from 10%.

This announcement had a ripple effect in the crypto market, affecting trading platforms and asset prices.

Kendrick also highlighted that the net asset value (NAV) discount on ETH Grayscale Trust (ETHE) narrowed significantly over the past few days, jumping from -25% to -12% — signaling increasing optimism in the market.

Ethereum price responded strongly, rising 18% to $3,700. This rise has had a positive impact on the broader crypto market, with several digital assets experiencing similar upward trends. The focus now turns to the US SEC, which is expected to make a decision regarding the ETH application on Thursday.

Balchanus recalled the SEC's approval of the Bitcoin (BTC) ETF on January 10, which came shortly after reports of the SEC's Twitter account being hacked the previous day. Market participants observe similar time patterns in ETH ETF decisions.

In a March research note, Kendrick projected that approval of an ETH ETF could generate inflows ranging between $15 billion and $45 billion in the first year. He defended this estimate, emphasizing the potentially larger impact of ETH ETF flows compared to BTC ETFs.