- Arthur Hayes said that he believes it is possible for Ethereum (ETH) to reach $10,000 by the end of 2022.
- Hayes also believes that the market is neither near or at the bottom of the cycle.
- ETH is currently worth $1,765.94 after a 2.64% drop in price over the last 24 hours.
The former CEO of BitMEX, Arthur Hayes, said that he believes that it is possible for Ethereum (ETH) to reach $10,000 by the end of 2022, but that the market could still be choppy in the meantime.
Hayes also believes that the market is neither near or at the bottom of the cycle, and the only way for the market to make a comeback is for the US Federal Reserve to down the rate hiking process. Hayes also stated in his latest blog post that the Fed will continue raising the interest rates throughout Q3, which will only add more downward pressure on the crypto market.
In other words, Hayes only believes that it’s possible for ETH to reach $10,000 by the end of the year on the condition of a resumed bull market, which can only happen if the Fed eases up on the raised interest rates.
He was quoted saying “this is why the political and macroeconomic picture must coalesce before the crypto market can march meaningfully higher.”
One thing that could boost ETH’s chances of reaching $10,000 by the end of the year is the prospect of The Merge that is just around the corner.
At the moment, ETH remains the second-largest crypto in terms of market capitalization in CoinMarketCap’s list. The crypto’s market cap currently stands at $213,837,140,668.
ETH is currently worth $1,765.94 after a 2.64% drop in price over the last 24 hours and reaching a high of $1,818.81 over the same time period. Over the last week, ETH saw a 0.17% increase in price.
ETH also saw a 24-hour trading volume of $14,413,368,773, which is a 4.52% decrease from yesterday.