"I have bought calls for $3,000 by end of 2022"
Arthur Hayes believes that the approaching long-expected Merge upgrade is likely to push the Ethereum price up substantially. The thing is, he explained, that while the demand for Ether will remain as strong as it is now, the supply will be greatly reduced after the event, when Ethereum will shift to the proof-of-stake protocol from proof of work.
The Merge may overcome the current negative micro environment for ETH, he added.
BitMEX founder Arthur Hayes: ETH merge may overcome a negative macro environment. Demand is constant while the supply is reduced This increases the price of Eth. I have bought calls for $3000 by the end of the year. https://t.co/IZmLMMdfWm— Wu Blockchain (@WuBlockchain) September 13, 2022
As for the U.S. Federal Reserve making another rate hike, say by 20%, Hayes said he is not afraid of that, since demand for ETH-based dApps will remain strong, and therefore the demand for Ethereum. However, the supply will not grow as fast as before.
Unless the number of people using Defi applications is going to stop and reduce from today's levels, there will be a certain demand for $Eth to pay gas fees with supply going down.
According to recent confirmations by Ethereum co-founder and frontman Vitalik Buterin, the long-anticipated upgrade is to take place on Sept. 15 (with only two days left). On Sept. 6, ETH hard fork Bellatrix took place at epoch 144,896, preparing the network for the Merge upgrade.
Whales move almost $520 million in ETH ahead of Merge
Whale Alert crypto platform that tracks large amounts of crypto moved across blockchains tweeted that, in the past 24 hours, three substantial transactions of Ethereum were made. The smallest one carried roughly 30,000 ETH worth $51,470,787.
The other two wires were worth 119,515 ETH and 150,811 ETH. These lumps are equal to $207,622,985 and $259,795,022, respectively.
The first large chunk was moved from an anonymous wallet to the Binance exchange. The second one was transferred from one unknown wallet to another, according to Whale Alert.