Arthur Hayes, Former CEO of BitMEX, laid out different scenarios for the world’s second largest cryptocurrency Ethereum (ETH) in his blog post.
Ethereum has been showing a positive development in its prices in recent days with the effect of Merge. Gas prices are charting an upward trend in volume and NFTs. Arthur Hayes also shared his predictions for Ethereum with a literary approach.
BitMEX Ex-CEO: Ethereum May Rise to $5,000
Arthur Hayes included different scenarios for Ethereum in his blog post on Medium. The scenarios that Hayes has prepared for Ethereum are as follows;
- If Proof of Stake is successful and the US changes its market stance to pro-enlargement; He believes that Ethereum can go up to $ 5,000 with the Merge effect.
- If the Fed does not determine the key levels to which the price can react with the Pivot Point analysis, Ethereum will be able to reclaim the $3,500 level.
- After the merger, Ethereum will be deflationary, which will make the cryptocurrency more scarce. The deflation rate will continue to increase due to the growing popularity of DeFi applications.
- If the Ethereum merger ends and the Fed continues to raise interest rates, Ethereum could go back to the “dark ages”.
Ethereum, which is under preparation for the merger, fell 65.93 percent from its record level and is currently trading at $ 1,663, according to CoinGecko data.
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