Ethereum Price To Reach $5,000, BitMex Founder Predicts

BitMex founder Arthur Hayes has revealed that he is diverting his interest toward Ethereum (ETH) while disclosing a bold prediction for the crypto asset.

Arthur Hayes recently took to X (formerly Twitter) to share his optimism and prediction about the future of Ethereum, and the post has since caused quite a stir in the entire cryptocurrency community.

Renowned for his perceptive market analysis, Hayes claimed to have had a revelation on ETH during one of his meditations, and this prompted him to significantly alter his cryptocurrency holdings. He sarcastically asserted in the X post to have gotten the direction from the Lord. 

Following this supposed heavenly direction, Hayes allegedly sold his Solana holdings and increased his stake in Ethereum. In addition, he has predicted a spike that would take the price of the cryptocurrency asset to an astounding $5,000.

He further conveyed his love and appreciation for Vitalik Buterin, the co-founder of Ethereum. Hayes called Vitalik an Archangel while doing so.

Hayes’ evaluation of the market dynamics might have played a role in his choice to divert from Solana to Ethereum. In another X post, Arthur Hayes shared a chart of Ethereum to back up his predictions. The crypto exchange founder has urged the crypto community to “get down” on the digital asset.

The BitMex founder’s projections come after his previous call, in which he predicted that Solana’s price would hit $100. Hayes’ prediction has appeared to be almost accurate, as the digital asset’s price has recently reached a peak of $99.

Since mid-December SOL has been demonstrating a rally, increasing by an astounding 350%. Despite the fact that Solana is displaying an upward trajectory, Hayes seems to think that Ethereum still has the potential to outperform SOL.

Jan Happel and Yann Allemann, cofounders of Glassnode and collectively known on X as Negentropic, have highlighted the next target for Ethereum. According to the cofounders, the next target for ETH is $2,500 and has urged the community to keep an eye on this level.

Negentropic asserted that the asset reaching the $2,500 target will be triggered by market enthusiasm. Another target identified by the founders is $2,700, which ETH will attain by continuous ambitious push.

The co-founders also highlighted a support level at $2,100, which was once a resistance level but now a key zone. However, Negentropic pointed out that the level has now turned out to be critical for short-term rebounds. In addition, they asserted that if ETH ends up breaching the support level, it might activate the 50-Day EMA.

As of the time of writing, Ethereum is trading at $2,307, indicating a 1.30% increase in the past 24 hours. Its trading volume has increased by 19% to $16,690,793,321, its market capitalization has increased by 1.31% to $277,454,559,883.