Ethereum Price Expected to Hit $4,500 Before ETH ETFs Go Live

ETH ETFs could start trading by July or August, but the market is already predicting an uptrend. Arthur Cheong, CEO of DeFiance Capital, expects Ethereum to reach $4,500 before ETF spot trading begins. He believes that the American approval of the spot Ethereum ETFs will attract many retailers investors, similar to the crypto boom of 2017. Currently, more than 70% of spot positions in Bitcoin ETFs are held by retail investors, and Cheong expects a similar trend for Ethereum.

Cheong’s bold bet on Ethereum

Cheong’s prediction sparked discussions among cryptocurrency enthusiasts and investors. The potential increase in the value of Ethereum is considered a significant development in the cryptocurrency market. However, these forecasts remain speculative and actual market performance may vary.

Despite the anticipation, The price of Ethereum struggled to maintain momentum. The US SEC has only approved 19b-4 applications for the launch of Ether ETFs, with the crucial S-1 forms still awaiting clearance.

Contractual views

Eric Balchunas Underlines certain limitations inherent to Ethereum ETFs, such as the inability to stake tokens and the lack of on-chain utility through these financial products. According to him, these factors have contributed to the high volatility of Ethereum’s price, which is hovering above the $3,600 level. If support holds, buyers will likely challenge resistance at $4,090 over the next two weeks.

Will ETH Price Reach $4,500 Target?

Overall, the bullish forecast suggests that a potential breakout could accelerate Ethereum’s bullish momentum, targeting $4,500 and potentially reaching $4,900. But at the same time, this intermediate step did not impress the market, as the price of Ether increased from $3,830 to $3,670 immediately after the approval. Currently, Ether is trading at $3,743 on major spot exchanges, posting a modest 0.89% increase over the past 24 hours, underperforming the market benchmark by 1.9%.

Technically, the exponential moving average (EMA) shows that ETH price above the 20, 50, 100, and 200 day EMAs is a sign of a strong uptrend. However, the average directional index (ADX) at 33% suggests that the trend may need a pullback to regain strength.

The approval of Ethereum ETFs has undoubtedly brought attention to the altcoin, but questions remain about the sustainability of the current momentum. Will it increase or decrease, tell us your view.

Also discover: Cryptocurrency Weekly Report: Revealing Hacks, Heists, and Takedowns

Fuente