Andrew Kang: The approval of the spot Ethereum ETF is expected to be delayed by 1 to 2 quarters

ChainCatcher news, Mechanism Capital co-founder Andrew Kang posted on the X platform: "I believe the approval of a spot Ethereum (Ether) ETF may be delayed by one to two quarters. Some market views currently indicate that the timeline suggested by experts for seeking approval for the ETF to be added to wealth management platforms has been pushed back from the originally planned end of May to the fourth quarter.

I believe the market structure is significantly different from previous cycles, with more DCA buyers creating higher bottoms and equilibrium points for Bitcoin, while the leverage of large momentum players (such as 3AC, Alameda, Celsius, etc.) is relatively small.

For Ethereum, I predict its price may remain stable until the ETF is launched, but the upside potential this year is limited, expected to peak around $4000. However, if the capital flow performs disappointingly or there is a large sell-off of ETH, its price could drop to between $2000 and $3000. I have noticed that the promotion and familiarity of Ethereum in the market are exceptionally high, which has led investors to have slightly higher expectations for the ETF compared to ordinary buyers. Solana has performed well in this cycle, but it has also seen a reflexive demand for meme trading, which has impacted both directions. If meme trading pauses in the coming months, we are likely to see SOL's price approach $80 again."