Arthur Chong, founder and CEO of Defiance Capital, predicts that the price of Ethereum (ETH) could hit $4,500 even before the launch of a spot ETF.
At the time of writing, Ether was trading at $3,885, up 3.6% over the past 24 hours, according to data from CoinGecko.
As U.Today reportedIn a surprising about-face, the SEC approved 19b-4s listing applications from a number of Ethereum ETF issuers last week after leading ETF industry analysts and major banks such as Standard Chartered argued that the products were unlikely to be approved.
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After news of the ETF’s impending approval broke on social media, the price of Ethereum entered a significant upward trend, skyrocketing from $3,600 to $3,900 in just three days.
The momentum weakens
Despite some major bullish catalysts, the leading altcoin has yet to break above the $4,000 mark and is down 19.8% from its all-time high.
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According to 100eyes Crypto Scanner, Ethereum price is experiencing a bullish divergence on an hourly basis. This bearish pattern occurs when an asset achieves new highs but the Relative Strength Index (RSI) records weak highs. Based on this particular chart, it is clear that Ethereum is currently losing momentum despite a significant price rally. After Ether surged to a key horizontal resistance level of $3,900, the RSI recorded a lower high in the 65-70 range.
If the bearish divergence eventually materializes, it could pull the prices of major altcoins down from their current levels, but if volume is strong enough, it could also see Ether rise above $3,900.
