Standard Chartered has upheld its forecast that Ethereum (ETH) will hit $8,000 by year-end, citing increased anticipation of ETF approvals.

Geoffrey Kendrick, StanChart’s head of crypto research, expressed in a note to CryptoSlate that recent developments reflect growing investor optimism and market activity. This affirmation follows Bloomberg analyst Eric Balchanus raising the probability of spot Ethereum ETF approvals from 25% to 75%, attributing the shift to changes in the Biden administration’s stance.

Kendrick highlighted the narrowing of the net asset value (NAV) discount on the ETH Grayscale Trust (ETHE) as a sign of rising market optimism. Ethereum's price surged 18% to $3,700, positively impacting the broader crypto market.

Attention now turns to the US SEC, set to decide on spot ETH applications by Thursday. Kendrick projects potential inflows of $15 billion to $45 billion within the first year of ETH ETF approval and maintains ambitious price targets for Ethereum, foreseeing $8,000 by 2024 and $14,000 by 2025. He also anticipates a new all-time high for Bitcoin (BTC) by the weekend, with year-end price targets of $150,000 for 2024 and $200,000 for 2025.

The decision on ETH ETFs could further validate the crypto sector, attracting significant capital inflows and boosting market confidence. Investors eagerly await Thursday's decision, which could be pivotal for Ethereum and the broader digital asset market.