Analysts from a major British bank say that Ethereum (CRYPTO: ETH) should more than double from here to the end of 2024. Does this projection make sense?

Geoff Kendrick, head of crypto research and emerging markets foreign exchange at Standard Chartered (OTC: SCBF.F), hung an $8,000 year-end price target on Ethereum (CRYPTO: ETH) earlier this week.

Speaking to the crypto news site The Block on Tuesday, Kendrick predicted that the U.S. Securities and Exchange Commission (SEC) would approve the first exchange-traded funds (ETFs) tracking Ethereum's spot price. He argued that the approval would inspire large money inflows into the Ethereum cryptocurrency, similar to the inflows that followed after the approval of spot Bitcoin ETFs in January.

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Source Fool.com