TL;DR
- Hayes described Ethereum as his “number one” pick and projected a 3x to 5x rise for the asset in the short term.
- ETH’s RSI stands at 76.3, in overbought territory, facing a key resistance level at $2,500.
- Bitcoin maintains a dominance of 59.79% in the market, making the rotation toward ETH more theoretical than proven.
BitMEX co-founder Arthur Hayes spoke about Ethereum this weekend and declared that the asset is his “number one” in an interview. Hayes argued that ETH could rise between 3 and 5 times “pretty fast” and described it as “one of the most overlooked large-cap assets” in the current market.
At the time of the interview, Ethereum is trading in the mid-$2,400 range, after approaching $2,500 over the weekend. The relative strength index (RSI) stands at 76.3, technically in overbought territory, which creates a tension between the narrative momentum and its chart signals. Spot capital inflow data remains weak, highlighting the gap between the bullish narrative and what is actually reflected in on-chain activity.
Hayes Is Bullish, but the Chart Sets Conditions
The $2,500 level acts as the dividing line of the current scenario. A breakout with volume would open the path toward $2,580 and then toward $2,750, a move that looks possible given that the MACD shows a bullish signal and the price holds above the medium and long-term moving averages.
However, a failure to consolidate above that level reverses the setup: a rejection would push ETH toward $2,380, and a deeper pullback would penetrate $2,300. If the 200-day moving average, located near $2,245, gives way, the bearish scenario points to a retest of $2,030.
Hayes did not abandon his stance on Bitcoin. He projects that BTC could reach approximately $1 million in four years, driven by an eventual massive monetary expansion. His short-term rotation theory toward ETH is, for now, a momentum bet within a macro vision that remains centered on Bitcoin.
Bitcoin hovers around $78,500 and registers a slight decline of 0.20% while maintaining a dominance of 59.79%, a level that places the rotation more as a hypothesis than a confirmed move. Traders should monitor both levels before taking a position.
