Has the Etherum (ETH) Rise Stalled? DeFiance and QCP Analysts Explain!

Has the Etherum (ETH) Rise Stalled? DeFiance and QCP Analysts Explain!
Has the Etherum (ETH) Rise Stalled? DeFiance and QCP Analysts Explain!
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After the SEC’s spot Ethereum ETF approval, ETH rose to the $4,000 mark. However, there are different opinions on how it will move from here. DeFiance Capital founder predicts that ETH will reach $4.5k before the ETF. Analysts at QCP Capital, on the other hand, do not foresee a rise before a critical event.

Arthur Cheong: Ethereum targets $4,500 before ETF!

As you have been following on Kriptokoin.com, the SEC’s surprise spot Ethereum ETF approval skyrocketed the ETH price. However, ETH is having difficulty crossing the $4,000 mark. Arthur Cheong, founder and CEO of crypto-focused investment firm DeFiance Capital, sees it possible for the Ether price to rise to $4,500 before the official approval of the first spot Ethereum ETFs. In this context, Cheong said, “We have 4.5 thousand to target until the spot ETF goes live for trading.” If Cheong’s prediction comes true, the price of Ether will have seen an increase of more than 15% from its current level.

The SEC approved the 19b-4 filings of eight spot Ether ETF issuers on May 23. Thus, it allowed these products to be listed and traded on their respective exchanges. However, Bloomberg ETF analyst James Seyffart wrote on May 20 that while the approval of the 19b-4 filings is a positive sign from the US securities regulator, ETF issuers still need to get approval for their S-1 filings. This is likely to take months. Accordingly, Seyffart made the following statement:

It could be weeks or months before we see S-1 approvals and therefore a live ETH ETF… However, if we are right and we see these theoretical approvals later this week. This should mean that S-1 approvals are a matter of ‘When’ not ‘If’…

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QCP Capital: No strong hike before S-1 approvals!

Analysts at QCP Capital do not expect a significant increase in the Ethereum (ETH) price until the SEC approves the S-1 filings. The SEC recently approved spot Ethereum ETFs. With this positive catalyst, ETH soared to almost $4,000. However, QCP Capital predicts that the fact that the SEC has yet to approve S-1 filings could prevent a major rally in ETH.

Analysts note that ETH surged from $3,810 to $3,940 during the opening of Asian trading due to comments made by US presidential candidate Donald Trump, indicating market and investor expectations for a rise in Ethereum. QCP Capital emphasizes S-1 confirmations for a significant breakout in ETH price. Analysts also emphasize the need for a clearer picture on the entry data.

Andrey Stoychev: ETF approval pushes ETH price to $10,000!

Ether price showed a strong upward movement following the recent developments regarding spot Ether ETFs. With more positive developments for the altcoin, a hypothetical rally to $4,500 is possible. This would bring it 8% below the ATH level of $4,891 reached on November 16, 2021. However, ETH faces significant resistance at $4,000 and $4,100. According to CoinGlass data, a potential move above $4,100 would liquidate over $500 million in cumulative leveraged short positions across all exchanges.

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ETH Exchange Liquidation Map. Source: Coinglass

According to Andrey Stoychev, head of prime brokerage at Nexo, ETF approval could be Ether’s strongest price catalyst during the current bull cycle, which could push Ether’s price to $10,000. In this regard, Stoychev says the following:

ETH ETFs in the US and similar products in Asia could be the driving force that helps the asset reach $10,000 by the end of 2024 and catch up with Bitcoin’s post-ETF performance.

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Has the Etherum (ETH) Rise Stalled? DeFiance and QCP Analysts Explain!