Ethereum experienced significant developments last Monday. News about the potential approval of ETFs and leading ETF experts raising their expectations from 25% to 75% created a positive atmosphere in the market. Despite the rapid approval of spot Ethereum ETFs, market uncertainty has increased over time. Additionally, a closely followed crypto investor made an important statement about Ethereum, offering hope.
Ethereum Comments
Arthur Cheong, an experienced investor in cryptocurrencies, stated that a rally might occur for Ethereum (ETH) before the approval of exchange-traded funds (ETFs).
Cheong, founder of DeFiance Capital, mentioned on the X social media platform that Ethereum could rise by approximately 14% before spot ETH ETFs become available to investors.
The U.S. Securities and Exchange Commission (SEC) approved the listing of spot market Ethereum ETFs on May 23, marking the first step for these products to start trading on U.S. exchanges.
Cheong said:
In my opinion, $4,500 before spot ETFs open for trading.
Cheong also claimed that individual investor demand for spot ETH ETFs could rival the demand for spot Bitcoin (BTC) ETFs that began trading earlier this year.
More than 70% of spot BTC ETFs are held by individual investors, and the first crypto I bought as an individual investor was ETH. Many ordinary people, like those interested in XRP due to the fintech narrative, are also involved. Most of the 2017 cohort joined crypto because of Ethereum. I can’t imagine the decentralized technology layer powering the Web 3.0 economy, ETH, not exciting retailers.
Crypto fund manager Bitwise’s Chief Investment Officer Matt Hougan also made a significant statement recently. He mentioned that investor inflow into spot ETH ETFs could reach billions of dollars and that ETH could surpass its all-time high of $4,900 seen in November 2021.
1 Ethereum Price
Ethereum is trading at $3,836 at the time of writing, following a 1.5% drop in the last 24 hours.
The price drop in Ethereum is believed to be caused by certain events in the market. Recent statements by a Fed official regarding interest rate policy have heightened the sense of uncertainty in the market.
