Ethereum (ETH), the second largest cryptocurrency in the world, has been under selling pressure in the final days before the Merge, following a recent strong surge. At this time, one Ether is worth $1,716, while the entire cryptocurrency market is valued at $208 billion.
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Analysts have speculated that the ETH price may correct from here on out, with the Merge event serving as a “sell the news” event. These experts anticipate that optimism will fade after The Merge, and that global macro conditions will put pressure on prices.
BitMEX CEO and co-founder Arthur Hayes is unwavering in his belief that ETH will reach $3,000 before the end of the year. As discussed in a recent podcast interview, Hayes praised Ethereum’s PoS switch as a big architectural change. If the merger is successful, the flows are guaranteed. He finished by saying,.
Since Hayes has a positive outlook on ETH, he is betting on a price increase before the end of the year.
The Head of BitMEX Said
By the end of the year, I will have spent $3,000 on call options. Even if the FED were to hike rates by 20%, there would still be demand for $Eth to utilise the dApps, and the supply just wouldn’t be able to keep up.
The end of the year is a popular time for trading, therefore we went with a December strike because of the high liquidity levels.
Indexes of Activity on Ethereum’s Main Network
Even the on-chain indicators point to a positive divergence for Ethereum’s price. Data supplier Santiment, which operates on the blockchain, explains:
The huge #Ethereum merging is now less than two days away, and early on-chain data are promising for the second-largest digital asset by market capitalization. For the first time in 16 months, our NVT model indicates that the ratio of unique $ETH being exchanged to the current market cap of the network is at an all-time high.
Since July 2022-23, ETH, the second largest cryptocurrency in the world, has demonstrated a tremendous climb, much outpacing Bitcoin’s gains. In the years to come, will ETH be able to overtake bitcoin?