Arthur Hayes Predicts Ethereum Next Target is $500
Ethereum hit its highest level in two years on Tuesday, breaking through the $400 mark for the first time since August 2018. Ethereum’s next target is $500, according to Arthur Hayes, one of the world’s most prominent cryptocurrency derivative exchange CEO. He expressed surprise at the increase to over 400% and called for a continuation of the rally, but not for long.
Ethereum benefits from the general bloating of the cryptocurrency market and also uses its foundations. The second-largest cryptocurrency is at the forefront of the DeFi (decentralized finance) madness of decentralized finance, with the astronomical profits that de-fi tokens make being ERC-20 tokens. Ethereum 2.0 and the Medalla test network are expected to launch on Tuesday. The ETH itself is likely to benefit from Bitcoin, which has been on a bullish footing since late July and is on track to reach its highest level since August 2018.
Hayes, who could not hide his shock, recognised the courage of Ethereum and predicted the next opposition would be the $500.
The boss’s comments came shortly after Ethereum reached $410, and his comments come just as it reached $410, according to a New York Times report.
The Ending Transition ETH 2.0 to Drive the Future Prices.
After Bitcoin peaked in mid-May with a halving of its value, Ethereum now faces a transition to Ethereum 2.0, which will abandon the proof-of-work (PoW). The final public test of phase 0 is due to go online on Tuesday, and the cryptocurrency crashed on Monday, surprising many short-term traders. However, after a temporary correction, ETH is back on track and is trading at close to $400.
According to the CryptoPotato report, the developer of the Ethereum protocol, Terence Tsao, confirmed that the recovery state had reached more than 20,000 validators, exceeding the 16,384 validators that were supposed to compromise 32 ETH.
The simulation will work with the so-called Goerli testnet ETH (GoETH) token, but during the test, validators will not receive a real ETH as a reward. The start date of Medalla is set for August 4, 2020, 13 UTC, with the same day starting time being 10: 00 UTC (UTC + 1).
