Add ZyCrypto News On Google
Prominent cryptocurrency personality Arthur Hayes has reiterated his bullish outlook on Ethereum’s ETH, the second most valued cryptocurrency by market cap. In a recent interview with Unchained, Hayes stood firmly behind his year-end prediction for the asset, stating that ETH is still primed to close at $5,000.
Hayes appears unfazed by ETH’s failure to retest its all-time high of $4,891 attained in 2021, revealing that at Maelstrom, Hayes’ family office and investment fund, ETH is their second-largest position, right behind Bitcoin.
In his words;
“So obviously, ETH did very well. I think it’s in the most hated large-cap shitcoin out there. Number 2 largest coin by market cap, it has not eclipsed its 2021 all-time high, and so, I think from a risk-reward perspective, at least in the way that I manage the portfolio at Maelstrom, this is our largest position outside of Bitcoin.”
Speaking on the possibility of ETH going to zero, Hayes maintains confidence; while he understands that market volatility can send any asset to zero, he remains convinced that ETH, compared with other altcoins, is less likely to hit the ground. “Because (ETH) hasn’t moved that much in this cycle, I think it has a lot of catching up to do. Concept starts moving, the reflexive train is going to get going.” He added.
 
The former BitMEX CEO observed that a handful of market players have shown skepticism over the years and have yet to enter the market; however, he expects a break above $3,000 to trigger a more positive outlook, as a yearly close at $5,000 appears even more realistic.
At the time of this report, ETH is trading at $2,438. ETH has soared by 0.98% and 1.89% over the last 24 hours and 7 days, respectively. After soaring 30%, ETH remains the top gainer over the last 30 days, in the top-5 category.
Be the first to comment