Arthur Hayes: Ethereum price could reach $5,000

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The rate of the ether (ETH) cryptocurrency in the implementation of the “best scenario” will be able to update the historical maximum, reaching the $5,000 threshold. This blog post expressed ex-head of BitMEX crypto exchange Arthur Hayes.

For the best scenario, Hayes attributed the change in the monetary policy of the US Federal Reserve (in the form of a return to the printing press), as well as the successful transition of the Ethereum network from the proof-of-work algorithm (Proof-of-Work) to proof-of-stake (Proof-of-Stake) . At the same time, Hayes called the threshold of $5,000 “conservative”, since the pricing of cryptocurrency directly depends on supply and demand. The last time the price of ether reached its maximum in November 2021, rising to $4877 on BitMEX.

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Hayes also identified three more scenarios for the development of ETH. For example, if the Fed does not resort to printing dollars, and the Ethereum update is successful, then the ETH rate in the ETH/USD pair will be fixed at $3,562.

If the Fed still launches the printing press, and the update is not successful, then the ETH rate will remain in the region of $1600.

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In the most negative scenario, when the Fed does not change its policy, and the Ethereum network fails to “move” to the new algorithm, the rate will fall to $1081, Hayes believes.

Earlier, the ex-head of BitMEX said that favorable conditions have not yet come for him personally to actively buy bitcoin. Hayes intends to wait for a “signal” from the Fed or the US Treasury in the form of a change in monetary policy, which, according to the former head of the crypto exchange, will be the onset of the bottom of bitcoin.

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Source: Cryptocurrency

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