BitMEX co-founder Arthur Hayes has predicted that Ethereum will skyrocket to $5,000 sooner than Solana (SOL) will push above the $300 price tag.
By Parth Dubey
Updated
2 mins read
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, remains a hot topic in the crypto world as analysts make bold predictions and market conditions fluctuate rapidly.
Meanwhile, ETH remains one of the most underperforming digital assets in the market, dropping almost 40% in the past year, CoinMarketCap data confirms.
Crypto exchange BitMEX’s co-founder Arthur Hayes recently took to social media, claiming that Ethereum will hit a new all-time high of $5,000 before Solana reaches $300.
Given the current volatility of the crypto market, this statement has ignited debates among investors and analysts alike.
Bitcoin’s increase to nearly $89,000 in the past 24 hours already set the stage for bullish expectations in the market, and Hayes’ prediction has further intensified discussions about Ethereum’s next move.
Adding to the growing optimism, market analyst CryptoELITES has suggested that Ethereum could reach a staggering $10,000.
A technical analysis of Ethereum’s price action reveals that the cryptocurrency is currently sitting at a major dip zone, hinting at a potential breakout.
The chart provided by CryptoELITES shows Ethereum forming a symmetrical triangle pattern, with key resistance levels being tested multiple times.
The recent drop to the lower trendline suggests strong support, meaning that a breakout above resistance could trigger a parabolic move to new highs.
If Ethereum successfully breaks out, it could quickly climb to $5,000 and eventually target the ambitious $10,000 milestone.
Despite these optimistic projections, Ethereum has faced considerable hurdles in recent months. A report from the Financial Times paints a different picture, describing Ethereum’s current state as a “midlife crisis.”
Over the past three months, ETH has slumped by 40%, underperforming other major cryptocurrencies like Bitcoin, Solana, and Cardano.
A major concern for Ethereum is the rise of competing blockchains, particularly Solana, which has gained traction in meme coin trading and decentralized finance (DeFi) applications.
Solana has generated $721 million in meme coin trading fees in the past six months–almost matching Ethereum’s $824 million.
Many traders and investors have shifted their attention away from Ethereum, questioning whether it can maintain its dominance.
It is important to note that leading financial institution Standard Chartered’s head of digital assets research, Geoff Kendrick, told Financial Times that Ethereum has “commoditized itself” by giving away value to third-party networks.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.