The CEO of Bitmex, Arthur Hayes, believes that Ethereum will reach $10k by 2023. In a blog post in April, he claimed that Ethereum would drop and we saw that happen. He then said it would reach $10,000 by the end of 2022 and the beginning of 2023.
Predictions for Ethereum:
Hayes predicted at the beginning of April that Ethereum would fall to $2,500 by June when it was at the time standing at $3,500. He was indeed correct; Ethereum decreased to $1,700 in May. In November of 2021, Ethereum was good at the $4,870 level. However, it has been on a downtrend since then, and it is now at the $2,000 mark.
Investors who bought at the top have seen their Ethereum investment plummet by more than 60%. Ethereum, according to Hayes, has a more negative potential. He stated that he would purchase Bitcoin for $20,000 and Ethereum for $1,300. If Ethereum falls below $1,300, it will have fallen over 70% from its all-time high.
Technical Analysis:
In December 2020, the Ethereum price began to rise, and in January 2021, it reached the 2018 all-time high. The price quickly broke over that resistance level, reaching just over $2,000 before retesting it. Ethereum rose to $4,383 after that.
Ethereum then dropped 60%, reaching $1,713 and again to its record high of $4,870. After a retrace to $2,160, Ethereum dropped lower. Ethereum’s price might fall much more. After any asset experiences a high, a crash is inevitable.
Will it go up?
Hayes can be right in his prediction of the $1,300. But how can we believe that Ethereum will reach $10k by 2023? We have seen bitcoin crash by 80% and blow off the top again. So, Hayes’s prediction can stretch until 2024, depending on when the bull market will kick in.
However, if Arthur is correct, and the present bear market ends in 2023, followed by a bull cycle with a $10k price goal for Ethereum, that would be a 500% return on investment (ROI) for anyone purchasing Ethereum at today’s ETH prices.
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