Ethereum could reach $8,000 by the end of this year and $14,000 by the end of 2025, according to fresh analysis by Standard Chartered.

This is as long as spot Ethereum exchange-traded funds (ETFs) are approved, said Standard Chartered’s head of forex and crypto research, Geoffrey Kendrick in Monday’s report. 

As it stands, the world’s second-largest crypto is trading at $3,342.

Several high-profile fund managers have filed applications with the US Securities and Exchange Commission (SEC) to release Ethereum ETFs. These investment options would introduce conventional investors to cryptocurrency through shares available for trading on a stock exchange, Crypto News reports.

Kendrick added that the bank forecasts the ETFs will gain SEC approval by the summer.

“Ethereum is currently between two important events that we see driving price upside. It has just had a structurally significant upgrade, and US regulatory approval of ETH ETFs is expected in May,” he wrote in Monday’s report.

Furthermore, the head of forex and crypto research said ETH’s recent Dencun upgrade could be the reason for Ethereum’s latest gains. 

The network underwent the upgrade last week, which according to developers will make its transaction fees much cheaper.

Kendrick went on to add that the Dencun upgrade and reduced costs on the network make Ethereum “more competitive.”

In another research note on Monday, Standard Chartered suggested that Bitcoin could reach $150,000 per coin by the end of 2024 if the recently approved ETFs maintain their popularity.

The SEC approved 11 of these investment vehicles back in January this year.

Investors have shown major interest in these ETFs, leading to substantial inflows that have notably driven up Bitcoin’s price.