Standard Chartered has forecasted that the U.S. Securities and Exchange Commission (SEC) is poised to approve exchange-traded funds (ETFs) for Ethereum in May, Bloomberg reports.
This anticipated approval is expected to significantly impact Ethereum's market value, with predictions suggesting a surge to $4,000 by May 23, the final deadline for ETF applications from VanEck and Ark 21Shares.
Despite the optimistic outlook from Standard Chartered, the SEC's impending decision on Ethereum ETFs is met with varying opinions from analysts.
Legal experts Jake Chervinsky and Scott Johnsson have voiced skepticism over a guaranteed positive outcome.
Chervinsky stressed the erroneous assumption that the SEC's past decisions on Bitcoin ETFs will automatically translate to Ethereum.
Johnsson pointed to potential regulatory hurdles, arguing that the SEC might demand consistent correlation across a 2.5-year sample period.
This diverging viewpoint is echoed in the industry, with JPMorgan offering a cautious 50% chance of approval due to legal uncertainties, while Bloomberg Intelligence's Eric Balchunas predicts a more optimistic 70% chance of approval.
The current trading price of Ethereum stands at approximately $2,372.37 with a market cap nearing $285 billion.
Despite these robust figures, the Ethereum Fear and Greed Index indicates a neutral market sentiment, with a current score of 54.
This underscores the cautious optimism among investors as they await the SEC's decision and its potential impact on Ethereum's value.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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