Analysts from multi-national bank Standard Chartered believe Ethereum could reach $4K by the end of 2024, spearheaded by approvals of Ethereum spot ETFs in the United States.

The analysts, led by Standard Chartered’s head of forex and digital assets research, Geoffrey Kendrick, highlight 23 May 2024 as a critical date the SEC may approve the ETFs, following a similar timeline to the Bitcoin ETFs.

Kendrick Believes Spot ETFs Will Bolster Ethereum’s 2024 Price

Geoffrey Kendrick led a report into the potential for an Ethereum spot ETF and the consequences it may bring. The analysis concluded that Ethereum will hit $4,000 if the ETFs get the green light.

According to Kendrick, the SEC will likely approve the Ethereum ETFs because it has never considered ETH a security or taken legal action against any companies for selling it.

He drew comparisons to the Bitcoin spot ETF, anticipating that Ethereum’s regulatory status mimics that of BTCs.

“Heading into the expected approval date on May 23, we expect ETH prices to track, or outperform, Bitcoin (BTC) during the comparable period,” wrote Standard Chartered analysts.

In the lead-up to the Bitcoin spot ETF approvals, BTC experienced tremendous growth, climbing from $25K in mid-June when asset managers submitted ETF applications to $47K as the approvals took place.

Currently, Ethereum holds a price of $2,267.58, down 1.62% today and 1.54% this month.

The report believes that 23 May 2023 could be when the first batch of Ethereum spot ETFs are approved because this is the earliest deadline for applications.

In the case of Bitcoin’s spot ETFs, the SEC approved all ETFs simultaneously to remove any first-mover advantage, ensuring a fair and equal opportunity for all applicants.

Following the Bitcoin ETF approvals, the Bitcoin price slumped, reaching lows of $38K due to Grayscale’s relentless Bitcoin selling.

However, Kendrick believes ETH would face less post-ETF approval selling pressure because the existing Grayscale Ethereum Fund (ETHE) has a smaller market share than its Bitcoin counterpart.

Furthermore, the FTX estate holds fewer shar