The prediction comes from an insider known for his analytical skills and will surely make Ether owners happy. According to Arthur Cheong, founder and CEO of DeFiance Capital, an investment firm focused on cryptocurrencies, the price of Ether could rise and appreciate by another 15% or so, topping at $4.500$, before ETFs (Exchange Traded Funds) based on this currency are listed on stock market indices.
Ether's performance before indexing
At the time of writing this article, Ether is trading at $3,903. Compared to 24 hours on Monday, it is up 2.57% and the trend is seen as steady for the next few days. Cheong's forecast, therefore, imagines a considerable increase in Ether's value, around 15% of the current one.
There is naturally optimism around Ethereum, since the SEC, the body that licenses and monitors US stock indices, has already given its green light to the listing of Ether-based ETFs, as it had previously done for those based on Bitcoin, which had already been tradable on Wall Street for months. On 23 May, the SEC cleared the listing and trading of Ether ETFs from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise. They will be the first on which trading will open.
More deposits are being cleared but, in all likelihood, it will not be possible to count on them before a few months. At least that is the view of many ETF analysts, starting with those at Bloomberg Finance. Should other investment opportunities open up, then ETH could show a sharper appreciation. In the absence of this green light, we remain in the prediction dimension. The data tells us that Ether is bullish at the moment, but from here to say how far it could go, it's a long way off.
What are the chances that Ether will appreciate 15% before Approval?
The hypothetical rally towards $4500 appearscertainlydifficult, especially if Wall Street were to be quick to bring ETFs to market, as was already the case when it was BTC's turn. Difficult does not mean impossible, however. The historic high touched by Ether was $4891, reached on 16 November 2021. The threshold indicated by Cheong would remain 8% lower than this value, in a positive period for the entire cryptocurrency sector.
On the other hand, however, Ether finds strong>strong resistance at the $4,000/$4100 level, as a breach of the $4100 threshold would liquidate over $500 million of short positions across all exchanges. This means that the bullish movement could find an internal enemy, if you want to call it that, in the investors already tied to ETH.
Is it the Right Time to Invest?
At this point, some readers may perhaps be tickled by the idea of investing in Ether. The current appears to be a good time to move, but we would like to discourage any possible speculative moves. Betting on cryptocurrencies means acquiring an asset that can acquire a lot of value over time. The right move for those who choose to open, or consolidate, a wallet is therefore to put cryptos in a metaphorical drawer, not to hold them long enough for them to appreciate in value and then sell them off en masse.
Our site is a platform created by Web3 enthusiasts for other Web3 enthusiasts. SpazioCrypto does not operate any kind of financial advice.
Notwithstanding this, we invite those who would like to get closer to this world, perhaps because they would like to buy Ether, to consult our guide on cryptocurrencies and, in particular, the one specifically dedicated to Ethereum.
