Veteran crypto investor Arthur Cheong is predicting a rally for Ethereum (ETH) forward of a potential launch of exchange-traded funds (ETFs) for the highest altcoin.
Cheong, the founding father of DeFiance Capital, tells his 167,400 followers on the social media platform X that Ethereum may soar practically 14% from the present worth earlier than spot ETH ETFs might go stay for buyers.
The U.S. Securities and Change Fee (SEC) accredited the itemizing of spot market Ethereum ETFs, paving the best way for the merchandise to begin buying and selling on US inventory exchanges.
Says Cheong,
“$4,500 earlier than spot ETF goes stay for buying and selling for my part.”
Cheong additionally predicts that retail investor demand for spot ETH ETFs will probably rival the demand for spot Bitcoin (BTC) ETFs, which launched earlier this 12 months.
“Greater than 70% of spot BTC ETF are held by retail, and once I was retail the primary crypto I purchased was ETH. Numerous normies like XRP due to the fintech narrative as nicely. Most 2017 cohort joined crypto due to Ethereum as nicely. Can’t think about retail gained’t get excited by ETH; the decentralized expertise layer powering net 3.0 economic system.”
Matt Hougan, the chief funding officer of crypto fund supervisor Bitwise, lately predicted investor inflows into ETH ETFs would complete billions of {dollars} and push ETH past its all-time excessive of about $4,900, which it hit again in November 2021.
Ethereum is buying and selling for $3,957 at time of writing, up greater than 3% within the final 24 hours.
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