British multinational Standard Chartered isn’t just bullish on Bitcoin—Ethereum is also going to the moon, its analysts say.

A Monday report from the bank claimed that the second-biggest digital asset could hit $8,000 by the end of this year, and $14,000 is possible by the time 2025 is up.

If, that is, spot Ethereum exchange-traded funds (ETFs) get approved, Geoffrey Kendrick, head of forex and crypto research at the firm, said in the note. 

The price of Ethereum is currently hovering slightly above $3,500 per coin, CoinGecko data shows.

Several high-profile fund managers have filed paperwork with the Securities and Exchange Commission (SEC) to release Ethereum ETFs. Such investment vehicles would expose traditional investors to the cryptocurrency via shares that trade on a stock exchange. 

Kendrick wrote in the note that the bank expects the ETFs to get the green light from the SEC by the summer.

“Ethereum is currently between two important events that we see driving price upside,” wrote Kendrick. “It has just had a structurally significant upgrade, and U.S. regulatory approval of ETH ETFs is expected in May.”

Kendrick also said that the network’s recent Dencun upgrade could be the reason for Ethereum shooting up rapidly. 

The network behind the second-biggest cryptocurrency was upgraded last week. Developers say the improvement will make transaction fees on the blockchain super cheap. 

Kendrick added that the upgrade and lower costs on the network make Ethereum “more competitive.”

Standard Chartered said in a different research note Monday that Bitcoin could hit $150,000 per coin by the end of this year if the newly approved ETFs continue to be popular. 

In January, the U.S. Securities and Exchange Commission in January approved 11 of the investment vehicles. 

They have so far been hugely popular with investors—and the massive inflows have pushed the price of Bitcoin up significantly.

Edited by Ryan Ozawa.