Standard Chartered Bank Analyst Predicts Ethereum And Bitcoin Bullish, Here's Why!

Standard Chartered Bank Predicts Bitcoin and Ethereum to rise. (Photo; Doc. TechCrunch)

JAKARTA - Ethereum's ETF approval has been in the spotlight in recent days. This is because this decision is considered an important step that can affect Ether's exchange rate in the future.

The market is still looking forward to the SEC's decision day to change its stance, with the opportunity of approval rising to 75%. The price of Ether itself is above the $3,800 mark ahead of the decision.

Ethereum's ETF approval has long been awaited by market participants, and with this approval, it is estimated that there will be a price spike of up to 60% in line with the increase in ETH purchases.

This reflects the market reaction that occurred after the Bitcoin spot ETF approval in January, in which Bitcoin jumped to more than US$73,000 from US$42,000 two weeks after ETF began trading. With Ethereum's ETF approval, purchasing activity is expected to increase both on the centralized exchange and blockchain-based exchanges.

Recently, market analyst from Standard Chartered Bank, Geoffrey Kendrick, outlined his bullish views on Bitcoin and Ether, particularly with significant inflow forecasts into the spot's Bitcoin ETF that could push the price of Bitcoin to US$150,000 by the end of the year.

The portfolio containing the combined ETF BTC and ETH is likely to attract many investors. The SEC's decision to ETH is increasingly legitimizing the overall crypto industry, said skills.

On Thursday, the SEC just approved a 19b-4 submission for Ethereum's spot ETF, while the S-1 registration is still pending. This registration process needs to be completed before the ETF can be traded. Corn estimates Ethereum's ETF trading will begin next month.

With Ethereum's ETF approval by the SEC, the crypto industry is gaining a significant positive push. This marks a new era for investors seeking exposure to digital assets through more traditional and regulated instruments.