- Ethereum remains bullish despite its recent drops because Hayes believes that the Merge is still on track.
- Hayes forecasted a sharp disciplinary move for Ethereum leading up to the merge.
Arthur Hayes, a well known crypto capitalist, says that the ‘ugly price action of Ethereum may be the main opportunity for Ethereum bulls lately.’
The founder of a P2P crypto trading platform, BitMEX says that his almost 288,700 followers on Twitter that Ethereum’s 22% fall in just seven days from a peak of $2.030 should be treated as noise by long-lasting investors.
“Oh my gosh. It’s time to think a bit. Do you trade based on a medium- to long-term fundamental thesis? Or is your trading based on short time price action? There is an ugly price action in the short term. Considering you’re long, it could mean you’re reading the market incorrectly. Should we cover, sit tight, or add more? You need to read the chart well and have good nerves.
The belief of Hayes
Do you believe the price action invalidates a fundamental thesis you’re trading? Are there any tenets of your thesis that have changed that may be the reason for the price movement? Price action should be ignored unless it corresponds to a change in a tenet of your thesis. A higher stake might be prudent, depending on your capital position.”
ETH remains bullish despite its recent drop because Hayes believes Ethereum’s transition to proof of stake – the highly anticipated Merge – is still on track.
In the event that you tell me that the ETH merge won’t happen, or that something has happened which drastically lessens its chances of succeeding, then I’d be shocked.” worried about my long position. With that in mind, it might be time to go shopping.”
A short time ago, Hayes forecasted a sharp disciplinary move for Ethereum leading up to the merge. He also highlighted that the dip will probably be not permanent as Ethereum gains the benefits of the updates.
Source: https://www.thecoinrepublic.com/2022/08/21/the-ugly-price-action-of-ethereum-should-be-ignored-according-to-bitmex-founder-arthur-hayes/