Veteran crypto investor Arthur Chong is predicting a rally for Ethereum (ETH) ahead of the launch of a top altcoin exchange-traded fund (ETF).
Chong, the founder of DeFiance Capital, told his 167,400 followers on social media platform X that Ethereum could surge nearly 14% from its current value before the Spot ETH ETF opens to investors.
The U.S. Securities and Exchange Commission (SEC) has approved the listing of a spot market Ethereum ETF, paving the way for the product to begin trading on American stock exchanges.
Chung says:
“My guess is it will take $4,500 for the spot ETF to start trading.”
Chong also predicted that retail investor demand for a spot ETH ETF will likely rival that for the spot Bitcoin (BTC) ETF that launched earlier this year.
“Over 70% of the Spot BTC ETF is held by retail investors, and ETH was the first cryptocurrency I bought when I was a retail investor. Many retail investors prefer XRP because of the fintech buzz. Most of the 2017 generation also got into crypto because of Ethereum. It's hard for retail investors not to get excited about ETH, the decentralized technology layer that drives the Web 3.0 economy.”
Matt Hogan, chief investment officer at crypto fund manager Bitwise, recently predicted that investor inflows into ETH ETFs could reach billions of dollars, propelling ETH past its all-time high of around $4,900 hit in November 2021.
At the time of writing, Ethereum was trading at $3,957, up more than 3% in the past 24 hours.
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