Former BitMEX CEO Arthur Hayes claims that the best time to short Ethereum (ETH) would be just before the Merger update. In his opinion, the second-largest cryptocurrency by market capitalization will experience a quick and brutal price collapse if the upgrade fails.
The expert believes that the best way to hedge against such a bearish scenario is to use put options. Thus, unlimited losses can be excluded.
The long-awaited update is expected to take place on September 15, and now the developers are putting the finishing touches. However, Hayes previously predicted that the price of Ethereum would return to the $1,000 level if the merger fails.
In the opposite scenario, if the merger succeeds and the Fed backs down from aggressive rate hikes, Ethereum could break the $5,000 level for the first time in history.
Ethereum has experienced significant price increases over the past weeks, but with the Bitcoin correction, the enthusiasm for the upgrade seems to have dissipated. Altcoin #1 remains below the $1900 level.
Be that as it may, the former CEO of BitMEX assures that he will not reduce his positions in ETH immediately after the merger.
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