On Monday, the price of Ethereum surged to $3,900, buoyed by strong investor sentiment. Ethereum (ETH) is nearing the $4,000 mark even before the launch of spot Ethereum exchange-traded funds (ETFs), as noted by DeFiance Capital founder Arthur Cheong.
Cheong projected that Ethereum could climb to $4,500 ahead of ETF trading on social media platform X, citing a poll where nearly 50% of respondents have allocated only up to 25% of their portfolios to Ethereum. This suggests the market may be underestimating its potential.
The U.S. Securities and Exchange Commission (SEC) approved multiple spot Ethereum ETFs on May 23, heightening investor expectations that traditional market participants will inject new capital into Ethereum. However, ETF issuers still need SEC approval for their registration statements, causing uncertainty about the launch date for trading.
Former SEC Chairman Jay Clayton described the start of spot ETH ETF trading as “inevitable” but acknowledged unresolved issues. As of press time, Ethereum is trading at $3,910, according to data from CoinGecko.
This development is strategically important as it could significantly boost Ethereum’s market presence, similar to the surge seen with spot Bitcoin ETFs.
