Arthur Cheong, the creator and leader of Defiance Capital, has foreseen a potential rise in Ethereum's value to $4,500 even before the introduction of spot ETFs.

Currently, Ether is being traded at $3,885, showing a 3.6% increase in the last 24 hours, as per data from CoinGecko.

Recent news revealed that the SEC unexpectedly approved 19b-4s listing requests from various Ethereum ETF providers, contrary to earlier beliefs by industry experts and major financial institutions like Standard Chartered.

Following the buzz about the imminent ETF approval circulating on social platforms, the price of Ether surged from $3,600 to $3,900 within just three days, indicating a significant uptrend.

Despite this positive development, Ethereum has struggled to surpass the $4,000 mark and remains 19.8% below its peak value.

Analyzing data from the 100eyes Crypto Scanner, it shows a bullish divergence on the hourly timeframe for Ethereum. This divergence suggests that although Ethereum reached new highs, the Relative Strength Index (RSI) recorded slower highs, indicating a weakening momentum. The RSI peaked in the 65-70 range after Ether hit $3,900, a key resistance level.

If the bearish divergence materializes, Ethereum's price may retract from its current position. However, a strong volume could potentially propel Ether above $3,900.