The price of Ether could rally to the $4,500 mark before the official approval of the first spot Ether exchange-traded funds , says Arthur Cheong, the founder and CEO of crypto-focused investment firm DeFiance Capital.) was trading at $3,903, up 2.57% in the 24 hours leading up to 10:56 am UTC.
While the approval of the 19b-4 filings is a positive sign from the U.S. securities regulator, ETF issuers also need to gain approval for their S-1 filings, which could take months, according to Bloomberg ETF analyst James Seyffart, who wrote in a May 20 X “It could be weeks to months before we see S-1 approvals and thus a live ETH ETF… That said, if we’re correct and we see these theoretical approvals later this week. It *should* mean that S-1 approvals are a matter of ‘When’ not ‘If’...”ETH/USDT. 1-day chart. Source: Coinmarketcap
A hypothetical rally to $4,500 seems feasible with more positive developments, as it would put Ether's price 8% below its all-time high of $4,891 reached on Nov. 16, 2021. However, ETH faces significant resistance at the $4,000 and $4,100 mark. A potential move above $4,100 would liquidate over $500 million worth of cumulative leveraged short positions across all exchanges, according to“ETH ETFs in the U.S. and similar products in Asia could be the driver that helps the asset reach $10,000 by end-2024, catching up with Bitcoin’s performance post-ETF.
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Source: CoinDesk - 🏆 291. / 63 Read more »
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