Arthur Hayes forecasts Ethereum to hit $3,000 after The Merge

Former BitMEX CEO Arthur Hayes, in an interview with Bankless, foresees Ethereum rallying to around $3,000 after the mainnet migration of the second-largest cryptocurrency to the Proof-of-Stake (PoS) consensus algorithm.

In his view, a reduction in the supply of ETH will be a powerful impulse for the asset’s price growth. Another factor boosting demand for Ethereum, Hayes cited the development of the DeFi segment.

He believes that activation of The Merge upgrade would have been a big growth catalyst for the second-largest cryptocurrency if not for Terra collapse and the bankruptcy of Three Arrows Capital a few weeks before the announcement.

Ethereum developers had planned the mainnet migration to PoS around September 15. On September 6 they activated the Bellatrix upgrade. The upgrade is the last step before The Merge.

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