DeFiance Capital Founder Predicts $4,500 ETH Price Pre-ETF Launch

DeFiance Capital founder and CEO Arthur Cheong has made a bullish prediction on the future price of ether (ETH). In an X post on May 26th, he asserted that the world’s second-largest cryptocurrency could hit as high as $4,500 even before Ethereum spot exchange-traded funds (ETFs) start trading in the United States.

4.5k before spot ETF go live for trading imo.

— Arthur (@Arthur_0x) May 26, 2024

SEC Approves Spot ETH ETFs

The latest prediction comes a few days after the United States Securities and Exchange Commission (SEC)approved 19b-4 forms for eight Ethereum ETFs, including BlackRock, Fidelity, Grayscale, VanEck, Invesco Galaxy, Franklin Templeton, and Ark. This approval came as a surprise given the fact that the SEC had been building a case to classify ETH as a security.

However, while the 19b-4 forms have been approved, the ETF applicants will need their S-1 registration statements to go effective before they can launch their products for trading. This is expected to take a couple of weeks or longer.

A 15% Surge

A $4,500 target will see the price of the crypto asset rising by 15.14% from its current trading price of $3,908. 

This can be seen as realistic in the near term given the fact that ETH has been on an upward trajectory since the SEC greenlighted Ethereum spot ETFs last week. The cryptocurrency has risen 26% since last week, and over 3% over the past 24 hours. This has helped propel the digital asset’s market cap to nearly $470 billion at the time of filing this report.

With the final launch of Ethereum spot ETFs, it is expected that the price of ETH could even see further gains and even hit a new peak.

According to a recent survey conducted by Chinese reporter Colin Wu, 58% of the Chinese community believes that ETH can rise to $10,000 and above in this cycle.