Arthur Cheong, founder of DeFiance Capital, made a bullish prediction that Ethereum (ETH) will reach $4,500 before spot Ethereum exchange-traded funds (ETFs) trading goes live.
DeFiance Capital Founder Predicts Ethereum to Reach $4,500 in a Short Time with Spot ETH ETF
This optimistic outlook comes amid growing expectation in the crypto community regarding the potential impact of spot ETH ETFs on the market.
A survey conducted by WuBlockchain within the Chinese crypto community reveals strong belief in Ethereum's bullish potential. According to the survey, 58% of respondents are confident that ETH can rise to $10,000 or above during this market cycle.
This sentiment underscores the widespread optimism and high expectations surrounding Ethereum's future performance.
Ethereum is currently trading at around $3,940, and spot ETH ETFs have generated significant interest among investors.
The approval of these ETFs by the US Securities and Exchange Commission (SEC) is seen as a major milestone that could attract significant institutional investments and further increase the price of ETH.
Arthur Cheong's prediction aligns with the views of other market analysts who see strong potential for Ethereum in the near term.
The anticipated approval and subsequent trading of spot ETH ETFs is expected to increase liquidity and institutional participation, which could positively impact the price of Ethereum.
The broader cryptocurrency market has seen increased interest and inflows, particularly following the approval of spot Bitcoin ETFs earlier this year. This precedent set the stage for similar enthusiasm around Ethereum ETFs and contributed to the current bullish sentiment.
Ethereum, which started the new week with an upward trend, has increased by nearly 4 percent in the last 24 hours. It is possible to say that the rise may become even stronger, especially after the 4000 dollar level is crossed.
*This is not investment advice.