It is difficult to estimate with certainty the bullish outlook for the cryptocurrency market. However, analysts Tom Lee and Arthur Hayes remain convinced that Ethereum (ETH) will reach $10,000 before the end of the year. Let’s take stock.
Ethereum at $10,000 by the end of the year?
For years, Ethereum has been the perennial runner-up in the cryptocurrency market, just behind Bitcoin. This position has given rise to high hopes for the performance of its ETH cryptocurrency, especially since it (finally) reached a new all-time high last August, just below $5,000.
However, with its latest peak, ETH has only risen 3% since its previous record high in 2021, at around $4,880. By comparison, BTC has recorded an 86% performance over the same period.
This situation may discourage some, or, on the contrary, whet the bullish appetites of analysts such as the popular Arthur Hayes or Tom Lee, now head of the largest Ethereum corporate treasury, called BitMine.
These two crypto market specialists were interviewed on the Bankless podcast earlier this week. It was an opportunity to discuss current topics, such as the latest Bitcoin summit, the rise of crypto corporate treasuries (Digital Asset Treasuries – DAT), and the performance of Ethereum.
It was also an opportunity to reaffirm their optimistic targets of over $10,000 for Ether by the end of the year.
“A phase of price discovery at a higher level”
If we look purely at the figures, Ether reaching $10,000 by the end of the year implies a minimum increase of 140% compared to the current ETH price. This seems somewhat difficult, especially given the recent crash that has just hit the market.
Yet the two men remain adamant. Could this be excessive confidence in an “Uptober” effect that is already well underway? Or is it a thinly veiled defense of personal interests? In any case, the ETH quarterly performance chart available on the Glassnode website shows a fourth-quarter gain of… 21.6% on average.
But Tom Lee is clearly looking further ahead… and backing his company based on Ethereum’s performance. Indeed, he promises that “a lot of fundamental things will happen next year.” The rise in ETH at the end of the year represents more of a new base than a real bull market surge.
Ethereum has been building a base for four years now and has just emerged from its consolidation zone. For me, this would not be a blow-off top, but rather a phase of price discovery at a higher level.
Tom Lee
Less optimistic analysts also foresee a possible rise in Ether at the end of the year, but with price targets closer to its last peak of $5,000, or around $6,500. The countdown has begun…
