Jim Cramer says Ethereum ETFs Will Bloom: Time to Worry About ETH?
Jim Cramer sees potential for Ethereum ETFs. | Credit: John Lamparski/Getty Images
Key Takeaways
- Jim Cramer sees potential for Ethereum ETFs to replicate the success of Bitcoin ETFs.
- Coinbase seeks SEC approval to list the Grayscale Ethereum Trust on NYSE Arca.
- Standard Chartered predicts Ethereum’s price could reach $4,000.
Market analyst and television personality Jim Cramer has shared a positive outlook on the potential of Ethereum exchange-traded funds (ETFs). Cramer said he anticipated a level of success comparable to that of Bitcoin ETFs.
His optimistic forecast follows the event where the price of Ethereum crossed the $3,400 threshold, indicating a robust momentum that could pave the way for future ETF offerings in the Ethereum space.
Coinbase Seeks SEC Approval for Grayscale ETH Trust Listing on NYSE Arca
Coinbase, a prominent player in the digital currency exchange market, has actively pursued regulatory approval by submitting a formal request to the Securities and Exchange Commission (SEC) for the authorization to list and trade the Grayscale Ethereum Trust on NYSE Arca.
This move is part of a larger industry effort to establish Ethereum ETFs. At present, entities such as Fidelity and BlackRock are leading the charge, signaling growing institutional interest in Ethereum-based investment products.
Standard Chartered Forecasts Price Surge
The buzz around the potential approval of Ethereum ETFs is growing. Indeed, Standard Chartered is projecting a significant uptick in Ethereum’s market value, possibly reaching $4,000. This will, however, depend on the SEC’s approval, expected by May 23, 2024.
This prediction comes during a broader industry push for the introduction of Ethereum-based ETFs, mirroring the successful launch of Bitcoin ETFs and highlighting the increasing institutional interest in cryptocurrency investments.
With the SEC currently reviewing applications from leading asset managers, the approval of Ethereum ETFs could mark a pivotal moment for the digital currency, potentially catalyzing a major surge in its price and adoption.
The projection hinges on the expected boost in Ethereum’s accessibility and investment appeal following the approval of ETFs, signifying a transformative phase in cryptocurrency investment.
Industry Optimism Grows for 2024 Approval of Ethereum ETFs
There’s a rising wave of optimism within the financial industry regarding the approval of Ethereum ETFs in 2024, underscored by confidence from leading figures such as Grayscale’s Sonneshein , who views the approval of these financial products as inevitable.
ETF specialist James Seyffart also shares this expectation, predicting that an Ethereum ETF will be greenlit within the year. This shared sentiment among market analysts and financial leaders reflects a broader conviction in the cryptocurrency’s evolution and its integration into conventional investment platforms.
There is, however, one thing we must note. Jim Cramer has a, possibly unfair, reputation for his predictions forecasting the opposite of what ends up happening. ETH ETF operators will be hoping that, this time, the Cramer Effect will not take place.
