Veteran crypto investor Arthur Cheong is predicting a rally for Ethereum (ETH) ahead of a possible launch of exchange-traded funds (ETFs) for the top altcoin.
Cheong, the founder of DeFiance Capital, tells his 167,400 followers on the social media platform X that Ethereum could soar nearly 14% from the current value before spot ETH ETFs may go live for investors.
[adinserter block="1"]Last week, the U.S. Securities and Exchange Commission (SEC) approved the listing of spot market Ethereum ETFs, paving the way for the products to start trading on US stock exchanges.
Says Cheong,
“$4,500 before spot ETF goes live for trading in my opinion.”
Cheong also predicts that retail investor demand for spot ETH ETFs will likely rival the demand for spot Bitcoin (BTC) ETFs, which launched earlier this year.
“More than 70% of spot BTC ETF are held by retail, and when I was retail the first crypto I bought was ETH. Lots of normies like XRP because of the fintech narrative as well. Most [of the] 2017 cohort joined crypto because of Ethereum as well. Can’t imagine retail won’t get excited by ETH; the decentralized technology layer powering web 3.0 economy.”
Matt Hougan, the chief investment officer of crypto fund manager Bitwise, recently predicted investor inflows into ETH ETFs would total billions of dollars and push ETH beyond its all-time high of about $4,900, which it hit back in November 2021.
Ethereum is trading for $3,957 at time of writing and is up more than 3% in the last 24 hours.
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