Arthur Hayes: Ethereum Has Significant Upside Potential, Targets $5,000 Upon Breaking $3,000

BlockBeats News, August 21st, Arthur Hayes stated in an interview on Laura Shin's podcast that "ETH is one of the most detested large-cap altcoins in the market. By market capitalization, it is the second-largest cryptocurrency, but it has not yet surpassed its 2021 all-time high."

From a risk-reward perspective, at least according to how I manage the portfolio at Maelstrom, currently, this is our largest position outside of Bitcoin. I am not particularly concerned about waking up one morning to find ETH at zero. Of course, this scenario could happen, but compared to another cryptocurrency, the risk is much lower, so I am willing to allocate a significant position in this trade.

Because it has not seen a significant increase in this cycle, I believe it still has a lot of room to catch up. Once it starts to rise, the self-fulfilling prophecy train will kick in. So many people want to go long on ETH for various reasons, and the reasons they did not do so in the past few years indeed make sense."

"Once we break the $3,000 level, I think you will really see the ETH train take off, and it could quickly surpass $5,000. My end-of-year target is just around the corner."