Ether Could Reach $4.5K Pre-ETF: DeFiance Founder
3 min read
Ether Could Reach $4.5K Pre-ETF: DeFiance Founder
The founder and CEO of crypto-focused investment firm DeFiance Capital, Arthur Cheong, believes that the price of Ether could surge to $4,500 before the first spot Ether exchange-traded funds (ETFs) receive official approval. In a social media post dated May 26, Cheong shared his optimistic view with his 167,000 followers, stating, “4.5k before spot ETF goes live for trading, [in my opinion].” At the time of his post, Ether was trading at $3,903, reflecting a 2.57% increase in the previous 24 hours. Should Cheong’s projection materialize, Ether would see a 15% rally from its current price, as per data from CoinMarketCap.
Cheong’s prediction follows a significant milestone achieved on May 23, when the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filings for eight spot Ether ETF issuers, allowing these ETFs to be listed and traded. This first wave of approved ETFs includes submissions from renowned financial entities such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Although this approval is promising, ETF issuers still need to secure approval for their S-1 filings, a process that could extend for several months, as pointed out by Bloomberg ETF analyst James Seyffart.
Seyffart emphasized that obtaining S-1 approvals could be imminent but might still take weeks or even months. He conveyed that while the 19b-4 approvals are a positive indicator, the S-1 approvals are expected to follow, turning the approval from a question of “if” to “when.” This has led to speculation about whether Ether can rally by another 15% in anticipation of the official ETF approvals, further fueled by ongoing developments.
Ether’s price has been on an upward trajectory, bolstered by the recent advancements concerning spot Ether ETFs. If the cryptocurrency were to rally to $4,500, it would place Ether just 8% below its all-time high of $4,891, achieved on November 16, 2021. Ether faces considerable resistance at the $4,000 and $4,100 levels. Overcoming these resistance points would be crucial, as surpassing $4,100 could potentially liquidate over $500 million worth of leveraged short positions across various exchanges, according to data from CoinGlass.
The approval of the Ether ETFs could serve as a pivotal catalyst for Ether’s price during the current bull cycle. This sentiment is echoed by Andrey Stoychev, head of prime brokerage at Nexo, who suggests that such regulatory developments could propel Ether’s price toward $10,000. Stoychev believes that the introduction of ETH ETFs in the U.S., along with similar products in Asia, could significantly drive the asset’s growth, helping it catch up with Bitcoin’s performance following ETF approvals.
With the SEC’s approval of the 19b-4 filings, optimism is surging within the crypto community regarding the future of Ether. Investors are keenly watching for further regulatory progress that could pave the way for S-1 approvals and live trading of the ETFs. The anticipation of such developments is creating a bullish atmosphere around Ether, with many stakeholders predicting substantial price movements.
As Ether continues to navigate through these crucial resistance levels, market participants remain optimistic about the potential gains. The narrative around Ether’s price rally has been primarily driven by the upcoming ETF approval, which is viewed as a significant milestone in the cryptocurrency’s adoption and legitimacy. This regulatory progression is not just a technicality; it represents broader acceptance and integration of digital assets into mainstream financial markets.
The anticipation surrounding Ether’s price rally in the run-up to the first spot Ether ETFs is indicative of the heightened interest and confidence in the crypto market. While challenges remain in overcoming resistance levels and securing necessary approvals, the general sentiment is positive. Investors and analysts alike are watching closely, anticipating that Ether could potentially achieve new price heights in the near future.
His projection feels more like a best-case scenario than a realistic expectation. 😟
Arthur Cheong’s prediction is a timely morale boost for the crypto community. $4.5k here we come!
Arthur’s bullish outlook is just what we need! Up to $4.5k and beyond, let’s do this ETH!
Another crypto hype! Remember when everyone said Bitcoin would hit $100k? Exactly.
I’m loving Cheongs optimism about Ether! High hopes to see $4.5k soon.
Predicting crypto prices is like predicting the weather. Random and usually off the mark. ☔
Excitement is in the air! Cheong believes in Ethers potential, and so do we. Onward to $4.5k!
Seeing a lot of hype but not enough substantial evidence to back it up.
We’ve heard bullish predictions before that didn’t materialize. Why should this be any different?
Feels like he’s just trying to pump his own bags. Typical.
If it sounds too good to be true, it probably is. Feeling skeptical about this one.
Such an inspiring prediction from Arthur Cheong! Can’t wait to see Ether hit new highs. 🚀💸
Arthur Cheong’s confidence is contagious! Ether to $4.5k before the ETF approvals could be a breakthrough. 💪🚀💰
Arthur Cheong’s prediction adds fuel to the fire! Here’s hoping Ether can break through those resistance levels soon.
Kudos to Arthur Cheong for this optimistic outlook! The ETH rally to $4.5k before spot ETF approval is a game-changer. Let’s watch closely! 👀💼📈🏦
With the ongoing regulatory progress, Arthur’s prediction of $4.5k for Ether seems within reach. Exciting times for all ETH enthusiasts!
Stoked by Cheong’s bullish sentiment on ETH! Here’s hoping his $4.5k prediction hits the mark. 📊💪✨
Excitement levels are high! $4.5k Ether before ETF approval would be a remarkable feat. Thanks for the insight, Arthur Cheong! 🎉🚀
Arthur Cheongs insights are sparking hope again! Here’s to seeing Ether break those resistance levels and hit $4.5k!
Such a bullish prediction from Arthur Cheong! If Ether hits $4.5k pre-ETF, it might just set the stage for even bigger gains down the road!
These predictions are marketing tactics. I wouldn’t hold my breath for $4,500. 😬
Cheong’s predictions sound overly optimistic. 😒 Crypto markets are so unpredictable!
With these recent SEC developments, a 15% rally seems more than achievable. Cheong’s analysis gives hope for an exciting few months ahead!
Crypto influencers need to be more responsible with their predictions. $4,500 by when, exactly? ⏳
He’s saying $4,500 like it’s a given when we all know anything can happen in crypto. 🤔
Arthur Cheong’s ETH prediction is music to my ears. Let’s hope for a smooth ride to $4.5k! 🎵💸🚀
Cheong’s mention of a $4.5k Ether before ETF approvals is electrifying! Buckle up for a thrilling ride. 🚀🔋📈
I’m pumped about Ether’s potential surge to $4.5k. Cheongs forecasts have been spot on before, so fingers crossed!
I’m so encouraged by Arthur Cheong’s insights! $4.5k Ether before ETF approval? Sounds like a solid bet to me! 🎯📈✨
Arthur Cheong’s prediction for Ether is exciting! A surge to $4.5k before the spot ETF approvals would be fantastic for the crypto space. Let’s go, ETH! 🤑