BitMine chair Tom Lee and BitMEX co-founder Arthur Hayes are holding strong on their prediction that Ether will hit $10,000 this year, despite a recent crypto crash, and there being less than three months left on the clock.
Hayes, who also appeared on the same podcast episode, said he is “going to stay consistent” with his $10,000 prediction by the end of the year.
Ethereum has been “basing” since 2021, says Lee
Lee emphasized that a significant rally like this wouldn’t signal excessive market froth, either, as Ether has largely been consolidating within a range since hitting an all-time high of $4,878 in 2021. “Ethereum’s basically been basing for four years now, just broke out of the range, so to me, it wouldn’t be a blow off top, but rather seeking essentially price discovery at a new level,” Lee said.
Ether only briefly reclaimed the 2021 highs in August this year, before retracing and not revisiting the level since.
“I think there would be a lot of fundamental things happening next year,” Lee said, adding, “I don’t think it’s the top, but I’m sure it is a big level, it may be a big level but a happy level.”
Both Hayes and Lee have been forecasting a significant rise in Ether’s price since the beginning of this year.
Historical data tells a different story: $5,000 on the cards
Ether, which had been trading near $4,350 prior to the crash, is now at $4,129 at the time of publication.
However, Historical data suggests that Ether’s year-end target may be around half the level Hayes and Lee are forecasting.
