According to Arthur Cheong, Ether could rally another 15% and hit $4,500 before the first official ETF starts trading on the market.
Before the official confirmation of the first spot Ether exchange-traded funds (ETFs), the price of Ether could reach $4,500, according to Arthur Cheong, founder and CEO of crypto-focused investment firm DeFiance Capital.
X posted on May 26, Cheong communicated with his 167,000 followers as follows:
“4.5k before spot ETF goes live for trading [in my opinion].”
With 10:56 am UTC, Ether was trading at $3,903, an increase of 2.57% in the twenty-four hours prior. Ether’s price would increase by more than 15% from its current level to $4,500, according to CoinMarketCap, should Cheong’s forecast materialize.
On May 23, the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filings of eight spot Ether ETF issuers, enabling their listing and trading on their respective exchanges. This development has prompted the prediction.
The filings of VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise comprise the initial group of approved ETFs.
The U.S. securities regulator’s approval of the 19b-4 filings is a positive development. Still, ETF issuers must also obtain approval for their S-1 filings, a process that may take several months, according to Bloomberg ETF analyst James Seyffart, who wrote 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’…
In the current bull cycle, the ETF approval could be the most potent price catalyst for Ether, propelling its price to $10,000, according to Andrey Stoychev, director of prime brokerage at Nexo.
Stychev declared:
“ETH ETFs in the U.S. and similar products in Asia could be the driver that helps the asset reach $10,000 by end-2024, catching up with Bitcoin’s performance post-ETF.”
