Hayes Blasts Ethereum Foundation, Sees ETH Rally to $5,000

Maelstrom's Chief Investment Officer Arthur Hayes is calling the Ethereum Foundation 'a bunch of jokers,' but he's still bullish on Ethereum. In an interview, Hayes explained that his investment thesis for ETH doesn't rely on its technology or the actions of the Ethereum Foundation. Instead, it's all about market positioning.

Hayes pointed out that despite being the second-largest cryptocurrency by market capitalization, Ethereum has yet to eclipse its 2021 record high. He also noted that the economics between the base chain and Layer-2 networks are not what markets price.

The Maelstrom CIO said a break above $3,000 could trigger reflexive buying, potentially sending ETH toward the $5,000 level. Ethereum's price is currently trading above $2,400 over the past 24 hours, with retail traders remaining extremely bullish on the asset.