ETFs
Ethereum price hits $3,900. Will it reach $4,500 before ETFs?
Arthur Cheong, founder and CEO of Defiance Capital, predicted that the price of Ethereum (ETH) could potentially reach $4,500 even before spot ETFs launch.
At press time, Ether is trading at $3,885 after adding 3.6% over the past 24 hours, according to CoinGecko data.
As reported by U.Today, the SEC greenlighted 19b-4 registration applications from a large number of Ethereum ETF issuers last week in a stunning turnaround. Prior to this, leading ETF industry analysts as well as major banking players like Standard Chartered said these products were unlikely to be approved.
Related
After news of the ETF’s imminent approval broke on social media, the price of Ether entered a major uptrend, rising from $3,600 to $3,900 in just three days.
A weakening momentum
Despite the main bullish catalyst, the leading altcoin has so far failed to gain a foothold above the $4,000 level. It is also down 19.8% from its all-time high.
Related
According to 100eyes Crypto Scanner, Ethereum price saw a bullish divergence on the hourly time frame. This downtrend occurs when an asset manages to make new highs, but the relative strength index (RSI) records slower highs. Based on this particular chart, it is clear that Ethereum is currently experiencing a slowdown despite the substantial price rise. The RSI recorded a lower high in the 65-70 range after Ether climbed to $3,900, which is the main horizontal resistance level.
If the bearish divergence eventually occurs, the price of the leading altcoin could experience a pullback from the current level. However, it is also likely that Ether will be able to surpass $3,900 if volume is strong enough.