Veteran crypto investor Arthur Cheong is predicting a rally for Ethereum (ETH) forward of a attainable 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 could go reside for buyers.
The U.S. Securities and Trade Fee (SEC) authorized the itemizing of spot market Ethereum ETFs, paving the best way for the merchandise to start out buying and selling on US inventory exchanges.
Says Cheong,
“$4,500 earlier than spot ETF goes reside for buying and selling in my view.”
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 after I was retail the primary crypto I purchased was ETH. Numerous normies like XRP due to the fintech narrative as properly. Most 2017 cohort joined crypto due to Ethereum as properly. Can’t think about retail received’t get excited by ETH; the decentralized expertise layer powering net 3.0 financial system.”
Matt Hougan, the chief funding officer of crypto fund supervisor Bitwise, not too long ago 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.
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Examine Value Motion
Comply with us on X, Facebook and Telegram
Surf The Each day Hodl Combine
Generated Picture: DALLE3