Hayes Calls for $10K ETH Target Amid Weakening Inflows
Ethereum (ETH) has been trading above $2,500 for two weeks, but its price is stuck at around $2,800 due to a key hurdle. The altcoin is consolidating within a symmetrical triangle pattern after experiencing weakening ETF inflows.
Despite this temporary pause in its uptrend, some big players in the crypto market have expressed optimistic views about Ethereum's future price. Co-founder of BitMEX exchange Arthur Hayes has predicted that ETH could reach $10,000 by the end of the year, citing Ethereum as the most secure layer 1 due to its large market cap among altcoins.
Hayes' prediction comes at a time when institutional capital inflows have turned negative. Spot Ethereum ETFs had positive daily net inflows since September 18th, but in the past 24 hours, around $2.81 million left the market. This weakening trend has been reflected in ETH's price.
According to Hayes, Ethereum's performance is hindered by other blockchains that have captured the narrative and gained popularity, making it a victim of its own success despite pioneering decentralized computer networks.