ETFs
Ethereum Price Expected to Hit $4,500 Before ETH ETFs Go Live
Ethereum enthusiasts – you don’t want to miss this!
A potential change is on the horizon: Ethereum ETFs could hit the market by July or August. And what’s more, analysts are predicting a bullish surge, with some even predicting a price of $4,500 before trading even begins! But will this optimism be true? Is the Bitcoin crown ready to be passed on?
Dive deeper to find out what the experts are saying and see if Ethereum is ready for a breakthrough.
Cheong’s bold prediction fuels frenzy
Arthur Cheong, CEO of DeFiance Capital, predicts Ethereum will reach $4,500 before ETF spot trading begins. He believes the US approval of Ethereum spot ETFs will attract many individual investorssimilar to the crypto boom of 2017. Currently, more than 70% of spot positions in Bitcoin ETFs are held by retail investors, and Cheong expects a similar trend for Ethereum.
Cheong’s prediction sparked discussions among cryptocurrency enthusiasts and investors. The potential rise in the value of Ethereum is considered a significant development in the cryptocurrency market. However, these forecasts are speculative and actual market performance may vary.
Future market challenges
Despite the anticipation, The price of Ethereum struggled to maintain momentum. The US SEC has only approved 19b-4 applications for the launch of Ether ETFs, with the crucial S-1 forms still awaiting clearance.
Remember THESE limitations…
Eric Balchunas highlighted some limitations of Ethereum ETFs, such as the inability to stake tokens and the lack of on-chain utility via these financial products.
According to him, these factors contributed to the high volatility of Ethereum’s price, which fluctuated above the $3,600 level. If support holds, buyers will likely challenge resistance at $4,090 in the coming weeks.
ETH price analysis: Bullish momentum is HIGH!
The bullish forecast suggests that a potential breakout could boost Ethereum’s bullish momentum, targeting $4,500 and potentially reaching $4,900. However, this interim step did not impress the market, with the price of Ether rising from $3,830 to $3,670 immediately after the approval.
Currently, Ether is trading at $3,743 on major spot exchanges, posting a modest 0.89% increase over the past 24 hours, underperforming the market benchmark by 1.9%.
Here’s what the techniques tell us
Technically, the exponential moving average (EMA) indicates a strong uptrend, with ETH prices above the 20, 50, 100, and 200 day EMAs. However, the average directional index (ADX) at 33% suggests that the trend may need a pullback to regain strength.
The approval of Ethereum ETFs has brought attention to the altcoin, but questions remain about the sustainability of the current momentum.
Will Ethereum price continue to rise or will it face a slowdown? Share your views and join the discussion.
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