Hayes Backs Ethereum as It Surges Against Bitcoin

Ethereum (ETH) has been gaining strength against Bitcoin, with BitMEX co-founder Arthur Hayes calling it his 'number one pick' in an interview. He believes ETH could run 3 to 5 times its current value 'pretty quickly' and is one of the most undervalued large-cap assets in crypto.

The comments come as Ethereum's Relative Strength Index (RSI) sits at 76.3, indicating it may be overbought. However, Hayes argues that his near-term rotation call is what's moving sentiment, not just narrative noise before a pullback.

ETH is currently holding in the mid-$2,400s after slipping from Sunday's high near $2,500. Spot inflow data remains thin despite the bullish framing, which is the gap between Hayes' narrative and on-chain activity.