Arthur Cheong, a crypto expert and founder of crypto-focused investment firm DeFiance Capital has stated that the price of Ethereum could hit $4.5k before the first Ethereum Spot Exchange Traded Fund (ETF) starts trading on the market.
Arthur Cheong shared his prediction in a May 26 post on X where he commands a decent following of 167,000 followers due to his expertise on crypto and market sentiments in the industry.
“4.5k before spot ETF goes live for trading [in my opinion].” Cheong Tweeted
Ethereum is currently trading at $3,895 up by 2.57% in the 24 hours leading up to 11:56 am. If Cheong’s prediction hits its target then this means that Ethereum will rally over 15% from its current level to $4500 per data from CoinmarketCap.
The Prediction comes after the United States Securities and Exchange Commission historically approved the 19b-4 fillings of eight Ethereum ETF issuers on May 23rd paving the way for them to be listed and traded on their respective exchanges.
The Ethereum ETF issuers who make up the first batch of issuers approved by the US SEC include VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
The approval of the 19b-4 fillings was celebrated by the crypto industry as a welcomed initiative and a positive development for the industry. ETF issuers are now waiting to get approval for their S-1 forms by the US SEC which could take months.
Bloomberg ETF analyst James Seyffart explained this in a May 20 X post
“It could be weeks to months before we see S-1 approvals and thus a live ETH ETF… That said, if we’re correct and we see these theoretical approvals later this week. It *should* mean that S-1 approvals are a matter of ‘When’ not ‘If’… James Tweeted.
Generally, Ethereum Price has shown slight improvement following its approval of Spot ETF by the United States SEC.
A rise to $4500 as predicted by Artur Cheong seems feasible with more positive developments. This will put Ethereum’s Price 8% below its all-time high of $4,891 reached on Nov. 16, 2021.
What To Know
- Ethereum is the second-largest cryptocurrency by price and market cap and is set to be massively adopted by crypto enthusiasts after its spot ETF was approved by the United States SEC.
- Ethereum ETF would provide traditional financial investors an opportunity to invest in the crypto asset without directly owning the asset. This will attract a significant inflow of capital into the crypto industry and have a positive effect on the crypto market.
- Ethereum is currently trading at $3,895 which is worth N5.7 million in Nigerian Naira.
