Tom Lee, Arthur Hayes Maintain Bullish Ethereum Outlook…"Will Reach $10,000 Within the Year"

Despite the recent crash in the crypto asset (cryptocurrency) market, Tom Lee (BitMine) and Arthur Hayes (BitMEX) reaffirmed their earlier forecast that Ether (Ether, ETH) will reach $10,000 this year.

On the 14th (local time), Cointelegraph reported that in an interview on the podcast 'Bankless' released the same day, the two said, "Ethereum's year-end target is in the $10,000 to $12,000 range," adding, "This is not a bubble but a 'price discovery' process at a new price level."

Lee said, "Ethereum showed about four years of sideways movement since 2021 and has recently broken above the upper bound of that range," adding, "This should be seen as the market finding a new valuation level rather than a short-term surge." Ethereum is currently trading around $4129, and reaching $10,000 would represent about a 142% increase.

Hayes also said, "The expectation hasn't changed," and "we maintain the possibility of $10,000 by year-end." He has been a prominent optimist advocating Ethereum strength since early this year.

However, market data offers a more conservative outlook. According to CoinGlass, Ethereum's average fourth-quarter rise since 2016 is about 21.36%, which, based on that, yields a year-end target of about $5000. This is similar to the $6500 forecast presented by Tesseract CEO James Harris.

Recently Ethereum has shown weakness relative to Bitcoin, but some experts analyzed that this adjustment could be a buying opportunity. Michael van de Poppe, founder of MN Capital, said, "The ETH/BTC ratio has fallen to 0.032, entering an ideal buying zone," and added, "If a trend of higher lows forms, it will soon head for a new record high."