Despite the recent crash in the cryptocurrency market and with less than three months until the end of the year, BitMine Chairman Tom Lee and BitMEX co-founder Arthur Hayes still insist that Ethereum (ETH) will reach $10,000 this year.
"Regarding Ethereum, it's around $10,000 to $12,000," Lee said during Tuesday's Bankless podcast when asked what he thought the price of the cryptocurrency would reach by the end of the year.
Hayes, who also appeared on the podcast, stated that he would "stay consistent" and maintain his $10,000 prediction before the end of the year.
As of the time of writing, Ethereum is trading at $4,129, and rising to $10,000 would represent an increase of about 142%. Both Hayes and Lee believe this target is achievable in the remaining time this year, even as a conservative estimate.
Lee emphasized that such a significant rise would not indicate an overly frothy market, as Ethereum has essentially been consolidating within a range since hitting its historical high of $4,878 in 2021. "Ethereum has basically been bottoming for four years and just broke out of the range, so for me, this won't be an explosive top but rather a price discovery at a new level," Lee said.
Ethereum only briefly reclaimed its 2021 high in August this year, after which it retraced and has not touched that level since.
"I think there will be a lot of fundamental things happening next year," Lee said, adding, "I don't think this is the top, but I'm confident this is an important level, possibly a significant level but a pleasant one."
Hayes and Lee have been predicting a substantial rise in Ethereum's price since the beginning of this year.
Their predictions were made after the market crash on Friday, when the entire cryptocurrency market saw over $19 billion in liquidations and prices generally fell.
Before the crash, Ethereum was trading close to $4,350, and as of the time of writing, it is now at $4,129.
However, historical data suggests that Ethereum's year-end target may be about half of what Hayes and Lee are predicting.
October 1 marks the beginning of the fourth quarter, and according to CoinGlass data, this period has historically brought an average return of 21.36% for Ethereum since 2016.
Achieving a similar increase from the current price would bring the asset closer to the $5,000 mark by the end of the year. This is closer to other analysts' conservative predictions, such as Tesseract CEO James Harris, who expects it to reach around $6,500.
Other analysts are considering the possibility of Ethereum quickly reaching a new all-time high. MN Capital founder Michael van de Poppe noted that Sunday’s drop caused the ETH/BTC trading pair to plummet to 0.032, which he described as "an ideal buying area."
Van de Poppe wrote in a post on X on Tuesday: "It needs a higher low, and then we will move towards new highs."
Related: Bitcoin (BTC) price returns to key levels, traders say $150,000 target is still achievable.
Original article: “Tom Lee and Arthur Hayes insist that Ethereum (ETH) will reach $10,000 this year”
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