Arthur Cheong, the visionary founder and CEO of Defiance Capital, is making waves in the cryptocurrency community with his bold prediction that Ethereum (ETH) could soar to $4,500 even before the much-anticipated launch of spot ETFs.

As of the latest data from CoinGecko, Ethereum is currently trading at $3,885, marking a 3.6% increase over the past 24 hours. The recent approval of 19b-4s listing requests for Ethereum ETFs by the SEC has sent shockwaves through the market, signaling a remarkable turnaround from previous skepticism expressed by leading industry analysts and banking giants like Standard Chartered.

Following the groundbreaking news of imminent ETF approval, Ethereum experienced a significant uptrend, catapulting from $3,600 to $3,900 within a mere three days. However, despite this bullish momentum, the leading altcoin has struggled to establish a stronghold above the pivotal $4,000 level, currently languishing 19.8% below its all-time high.

A closer analysis by the 100eyes Crypto Scanner reveals a potential cause for caution amidst the fervor. Bullish divergence on the hourly timeframe indicates a discrepancy between Ethereum's price action and the Relative Strength Index (RSI), with the latter registering slower highs despite new price highs. This divergence, exemplified by a lower high in the RSI range of 65-70 following Ether's surge to $3,900, suggests a weakening momentum that could precipitate a pullback from current levels.

However, the outlook remains nuanced, with the possibility of Ethereum breaking above $3,900 contingent upon robust volume support. As the cryptocurrency market braces for the next phase of Ethereum's journey, the question looms large: Will Ethereum's price ascend to $4,500 ahead of the ETF launch, defying expectations and propelling investors into uncharted territory? The answer to this captivating question awaits the unfolding dynamics within the cryptocurrency landscape.