As Ethereum’s future is being closely watched, BitMEX co-founder Arthur Hayes has made a bold prediction. In an ambitious forecast, Hayes projected the ETH price to hit $10,000. This prediction carries significant weight, especially given the increasing demand for ETH treasury.
Will ETH Price Hit $10K? Arthur Hayes Forecasts
In his recent X post, BitMEX co-founder Arthur Hayes has offered a bullish outlook on the ETH price. According to his projection, ETH is poised to reach $10,000 in the near future.
Significantly, Hayes’ prediction coincides with the growing acceptance of ETH as a treasury asset, rivaling Bitcoin. For instance, CoinGape reported recently that the Nasdaq-listed GameSquare announced a $100 million Ethereum treasury strategy. The platform also announced a public offering of 8,421,054 shares at $0.95 each, anticipating around $8 million in gross proceeds before expenses. This fund will be earmarked to execute the $100 million ETH treasury strategy.
Notably, Arthur Hayes’ bullish forecast for ETH reflects the growing institutional accumulation of Ethereum. As CoinGape recently reported, SharpLink Gaming has become the largest Ethereum treasury holder, adding $19.2 million to its existing holdings.
ETH Price To Continue Its Bullish Rally
As of press time, Ethereum is trading at $2,790, up 6.88% in a day. Over the past week and month, the ETH price has surged by 7.8% and 4.2%, respectively. The trading volume has also increased by 78% to hit $31.06 billion. Boasting a market cap of $336.69 billion, ETH stands strong as the second-largest cryptocurrency on CoinMarketCap.
In the latest Ethereum price analysis, CoinGape reported that ETH may reach $4,000 soon. Citing the formation of golden cross and bullish flag patterns in the daily price chart, the analyst identified a continued positive rally for the altcoin.
Meanwhile, crypto analyst Ted highlighted the significance of the critical $2,800 level. According to the chart presented by the analyst, if ETH surges past $2,800, the next target is expected to be $4,000. He cited, “ETH is trading at the range-highs again. All eyes on $2,800 now.” Another market expert, Crypto Goos, hinted at a buy signal, signaling a major price rally.
In line with Arthur Hayes’ prediction, Fundstrat’s Tom Lee has also projected the ETH price rally to $10k. He believes that ETH is currently undervalued at around $2,500 and cites that the growing trend of tokenization, increasing adoption of stablecoins, and a resurgence of activity on the Ethereum network could lead to its uptrend.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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