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- Arthur HayesHayes predicts that ETH would decline marginally to the $1,600 mark
Ex-chief executive officer of BitMEX Arthur Hayes predicted a huge rally for ETH(Ethereum) with two possibilities.
In a blog post, Hayes said that a catalyst that can ignite a hard rally for Ethereum is the success of its upcoming switch to a PoS (proof-of-stake) mechanism that is likely to be launched in September.
The upgradation of Ethereum mainnet to merge with its Beacon Chain that already uses a proof-of-stake mechanism. The upgrade will support the upgraded version of Ethereum 2.0 that is aimed at managing network scalability problems by setting the stage for future upgrades.
Haye said Upgrades of Ethereum should be successful, and other factors that can serve as a tailwind for Ethereum is the Federal Reserve again adopting a loose monetary policy.
As per the data of The Coin Market Cap, while writing this article the price of ETH was $1734 US dollars.
Haye said that Ethereum is the second most popular and reliable cryptocurrency globally, and the prices of ETH can reach $3562 US dollars.
According to Hayes, the price of ETH would drop dramatically from its present levels under a third scenario in which Ethereum’s switch to PoS fails, and the Fed continues its strict monetary policy.
“No free money and no assistance from (Co-founder Ethereum) takes us back to the dark ages. That would be the recent low of $1,081 which is my price prediction for this scenario.”
In a fourth scenario in which Ethereum’s PoS transition fails, and the Fed loosens monetary policy, Hayes predicts that ETH would decline marginally to the $1,600 mark.
As the crypto market has been facing a severe downtrend for the last few months and prices of Ethereum are constantly increasing after the Ethereum Version 2.0, the announcement created a hype in the market, and a large user base is shifting towards the adoption of ETH.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
