Ethereum Price To Hit This Level Before ETH ETF Trading Goes Live
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ETH ETFs may start trading by July or August, but the market is already predicting a bullish trend. Arthur Cheong, CEO of DeFiance Capital, expects Ethereum to reach $4,500 before spot ETF trading begins. He believes U.S. approval of spot Ethereum ETFs will attract many retail investors, similar to the 2017 crypto boom. Currently, over 70% of spot Bitcoin ETF positions are held by retail investors, and Cheong expects a similar trend for Ethereum.
Cheong’s Bold Bet on Ethereum
Cheong’s prediction has sparked discussions among cryptocurrency enthusiasts and investors. The potential increase in Ethereum’s value is seen as a significant development in the cryptocurrency market. However, these predictions remain speculative, and actual market performance may vary.
Despite the anticipation, Ethereum’s price has struggled to maintain momentum. The U.S. SEC has approved only the 19b-4 requests for Ether ETFs’ launch, with the crucial S-1 forms still pending authorization.
Contracting Views
Eric Balchunas highlighted some inherent limitations of Ethereum ETFs, such as the inability to stake tokens and the lack of on-chain utility through such financial products. As per him, these factors have contributed to the high volatility of Ethereum’s price, which has been wavering above the $3,600 level. If the support holds, buyers will likely challenge the $4,090 resistance in the coming week or two.
Will ETH Price Hit $4500 Target?
Overall, bullish predictions suggest that a potential breakout could accelerate Ethereum’s bullish momentum, targeting $4,500 and potentially reaching $4,900. But at the same time, this interim milestone left the market unimpressed, with Ether’s price dropping from $3,830 to $3,670 immediately after the approval. Currently, Ether is trading at $3,743 on major spot exchanges, showing a modest 0.89% increase in the last 24 hours, underperforming the market’s benchmark of 1.9%.
Technically, the Exponential Moving Average (EMA) shows that the ETH price being above the 20, 50, 100, and 200-day EMAs is a sign of a strong bullish trend. However, the Average Directional Index (ADX) at 33% suggests the trend might need a pullback to regain strength.
The approval of Ethereum ETFs has undoubtedly shifted the spotlight onto the altcoin, but questions linger about the sustainability of the current momentum. Will it go up or go down tell us your views.
