On Monday, Ethereum’s value reached $3,900, propelled by investor optimism. With the anticipated introduction of Ethereum ETFs, Ethereum is poised to break the $4,000 threshold. Arthur Cheong of DeFiance Capital suggests that Ethereum could ascend to $4,500 before ETFs begin trading, citing a poll where half of the participants invested less than 25% in Ethereum, hinting at its undervalued status.
The SEC’s approval of several Ethereum ETFs on May 23 has sparked hopes of fresh investments akin to the Bitcoin ETFs’ impact on BTC’s record high of $73,750 in March. Yet, ETF providers await the SEC’s nod on their registration statements, casting uncertainty over the trading commencement date.
A Reuters insider hinted that the approval for trading might take a few days to weeks, without specifics. Ex-SEC Chairman Jay Clayton suggested on CNBC that Ethereum ETF trading will start eventually, though some issues remain unresolved. Currently, Ethereum trades at $3,910, as per CoinGecko data.