Arthur Hayes thinks Ethereum could hit $3,000 by year end


Former CEO of BitMEX exchange Arthur Hayes predicted in an interview with Bankless that Ethereum's upcoming transition to a Proof-of-Stake (PoS) consensus algorithm will push ETH price to $3,000 by the end of the year.

He also confirmed going long on Ethereum due to a major change the Merge upgrade is set to bring to the network.

Hayes said that ETH's post-Merge issuance cut could catalyze upward price momentum, being "more powerful" than the current macro environment that crypto and other asset classes have entered in the past few months due to the Fed hiking interest rates to curb inflation.

However, Hayes warned that the upgrade itself could be a "sell the news" event that may lead to a short-term price drop of 20%.

Ethereum developers have scheduled the mainnet migration to PoS around September 15th. Earlier, on September 6, the Bellatrix update was activated – the last step before the Merge.

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