Arthur Hayes: Ethereum is on track to reach a record high of $5,000 this year
PANews reported on May 30 that according to Decrypt, BitMEX founder Arthur Hayes predicted at the Bitcoin 2025 conference that Ethereum may hit a record high of $4,000-5,000 this year, with a 50%-88% upside from the current $2,646. He argues that the "most hated L1" tends to outperform at the turn of the cycle, noting that Ethereum's recent 45% gain has shown signs of recovery.
Analysts point to three major drivers: 1) Ethereum accounts for 51% of the underlying network share of stablecoin issuance; 2) Layer2 ecosystem expansion (e.g., Robinhood may launch on-chain equity tokens after acquiring WonderFi); 3) The Pectra upgrade was successfully implemented. Geoffrey Kendrick, head of digital assets at Standard Chartered Bank, is also bullish, with price targets of $4,000 in 2025 and $7,500 in 2029. ETH currently needs to rise 88% to break above the previous high of $4,878 in 2021.