BitMEX founder reveals his short-term price predictions for Ethereum
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Answer BitMEX founder reveals his short-term price predictions for Ethereum
Arthur Hayes, co-founder and CEO of cryptocurrency exchange BitMEX, is bullish on the price of Ethereum in the coming days, and expects the Ethereum price target to be $500.
Ethereum breaks the $400 level for the first time since August 2018:
Last Sunday, the price of Ethereum reached its highest level in two years, as Ethereum broke the $400 price for the first time since August 2018.
Ethereum has benefited from the general upside of the cryptocurrency market, as well as from the crazy rise of the decentralized finance market.
Most of the DeFi coins that have seen astronomical gains are ERC-20 tokens (based on Ethereum).
In addition, Ethereum benefits from its own basics such as ongoing updates to migrate to Ethereum 2.0.
Read:Could Bitcoin Price Reach $60,000 in 2018?
All these factors led Ethereum to break the $400 level and made Hayes expects Ethereum to reach the next resistance at $500:
$399 Did you miss your mind? mETH for sale next stop for $500. # retweet pic.twitter.com/qYmCq63s7K
– Arthur Hayes (@CryptoHayes) August 2, 2020
The cryptocurrency Ethereum suddenly crashed later last Sunday, surprising many short-term traders.
However, Ethereum is back on track after this temporary correction and is trading once again near $400.
Even if Ethereum continues to rise, short-term corrections like the recent corrections may continue.
Hence, traders are advised to apply risk management techniques and set a stop loss.
Gradual transition to Ethereum 2.0:
While Bitcoin caught the eye after the technical event of the mining reward split that occurred last May, Ethereum is about to try something similar, preparing Ethereum to move to Ethereum 2.0, which will abandon the PoW mechanism towards the Proof of Work mechanism. Quotas (PoS).
Earlier, Ethereum developer Terence Cao confirmed that the configuration status had been achieved by more than 20,000 validators, exceeding the minimum of 16,384 validators, who must maintain 32 Ethereum to participate in the audit.
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Despite the development of the Ethereum project, we may still be several months away from the full launch of Ethereum 2.0, as the transition will be implemented in several stages.
The price of Ethereum is likely to react in response to each new move that is taken.
Read also:
Ethereum gains 45% in 10 days, breaking the annual high
Ethereum mining revenue is up 60% this month
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