The former BitMEX CEO Arthur Hayes predicted a massive rally for Ethereum. He said that there would be a massive rally for Ethereum (ETH) if two possibilities align.
Ethereum rally is around the corner
In a new blog post, Hayes explained that one catalyst that could ignite a strong rally for Ethereum is the success of its upcoming switch to a proof-of-stake (PoS) consensus mechanism. This is scheduled to launch in September.
The highly anticipated update will enable Ethereum’s mainnet to merge with its Beacon Chain, which already runs the POS system.
The Merge will give rise to Ethereum 2.0, aims to address the network’s scalability issues by setting the stage for future upgrades.
Should Ethereum’s upgrade turns out to be a success, Hayes says that another factor that could serve as a tailwind for ETH is the Federal Reserve once again adopting loose monetary policies.
“Fed Pivot + Successful Ethereum Merge (i.e., what I am speculating will happen, and the best-case scenario for ETH). In November 2021, the Fed was printing money, shitcoins were surging, and attention started shifting to the bullish narrative surrounding an upcoming 2022 Ethereum merge.”
He continued and said this:
“Therefore, I will use $5,000, the psychological barrier Ether fell just short of at that time, as my price target for this scenario.”
New ETH predictions are out
It’s been just revealed that the crypto analytics firm Santiment is revealing one factor that is likely to foreshadow the start of a bullish phase for Ethereum (ETH).
Santiment made sure to say that the volume of Ethereum on exchanges has risen and a decline of the same would signal the start of a bullish cycle.
“Ethereum has seen its supply held by top exchange addresses rise, which makes sense with traders dumping their holdings onto large exchanges during the 2022 slide. Watch for a decline in top ETH exchange address holdings as a bullish signal.”