Arthur Cheong, the founder and CEO of cryptocurrency investment company DeFiance Capital, stated that the price of Ethereum could rise to the $4,500 mark before the first spot Ethereum exchange-traded fund (ETF) is officially approved. Previously, on May 23, the US Securities and Exchange Commission (SEC) approved the 19b-4 applications of eight spot Ethereum ETF issuers, allowing them to be listed and traded on their respective exchanges. Bloomberg ETF analyst James Seyffart wrote in an X post on May 20 that while the approval of the 19b-4 document is a positive signal from the US securities regulator, ETF issuers still need to obtain approval for the S-1 document, which could take several months.