Arthur Hayes, the distinguished visionary co-founder of BitMEX, has recently made a bold prophecy, stating that Ethereum (ETH) is on the brink of achieving a new all-time high (ATH).
With an impressive social media following of 424,600 on X, Hayes confidently declares that Ethereum will surpass its competitor Solana (SOL) and surge over 100% from its current valuation.
Meanwhile, the tweet attracts a lot of funny comments; some users see it as a joke, while others concur with his prophecy (the Lord told him, lol).
During a moment of divine inspiration, Hayes publicly expressed his devotion to Ethereum, mentioning a message he had received during meditation.
He decided to bid farewell to SOL and increase his holdings of ETH. This momentous decision echoes Hayes' firm belief in Ethereum's potential.
Fam ... I have a confession to make.
— Arthur Hayes (@CryptoHayes) December 22, 2023
I received a msg from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik.
So I dumped $SOL, and bot more $ETH.$ETH = $5,000
A Glimpse into Ethereum's Journey and the Evolving Blockchain Landscape
At press time, Ethereum is trading at an impressive $2,332, reflecting a notable 4.7% increase over the last 24 hours.
Moreover, Hayes emphatically expresses his support for Solana's continued decline against Ethereum (SOL/ETH), eagerly anticipating Ethereum's dominance.
As of the latest trading session, the market value of SOL/ETH sits at 0.04100 ETH, equating to approximately $95.63.
Additionally, Hayes shares his astute observations concerning the potential approval of spot Bitcoin (BTC) exchange-traded funds (ETFs), shedding light on the discrepancies between the "cash redemption model" and the "in-kind" model.
Additionally, renowned trader "Peter Brandt" also contributes to the discourse on Ethereum's price movement amidst a fresh crypto rally.
Bitcoin, leading by market capitalization, recently surged to $44,000, a level unseen since April 2022.
Moreover, this bullish momentum extends to Ethereum, with the Ethereum blockchain token reaching a high of $2,312. Brandt, seeking the perspectives of his sizable following of 705,100, posted a poll asking for opinions on Ethereum's potential emergence from the shadows.
Brandt presents three plausible narratives in his poll. The first narrative involves a vintage wedge pinpointing $900 as the target price for ETH.
The second narrative revolves around a circuitous wedge pattern, certifying a target price of $3,300.
The third and final account, titled "Morphology ahead," suggests that Ethereum's price action is yet to peak and is gradually taking on a distinct structure.
Brandt visually illustrates these price patterns, enabling his followers to participate actively in the discussion.
Visual for reference pic.twitter.com/16YP1sZMQL
— Peter Brandt (@PeterLBrandt) December 6, 2023
According to the poll results, 24% of respondents chose the classic wedge, while a significant 60.7% favored the running wedge with a target of $3,300, considering the current market status.
Only 15.3% of participants opted for the 'Morphology ahead' option. Wedge patterns typically indicate potential bullish or bearish price reversals.
In related news, the Securities and Exchange Commission (SEC) recently announced that it would require more than 45 days to review a rule amendment proposal, which could enable Grayscale to convert its Ethereum trust into an Ethereum spot ETF. The new deadline for review is now scheduled for January 25, 2024.
Meanwhile, Ethereum's ecosystem demonstrates consistent development activity. While immediate market drivers may be absent, the progressive efforts within the platform suggest the potential for a robust rebound.