Home Markets Here’s Why This Analyst Says Ethereum’s “Ugly” Price Action Should Be Ignored

Here’s Why This Analyst Says Ethereum’s “Ugly” Price Action Should Be Ignored

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Here’s Why This Analyst Says Ethereum’s “Ugly” Price Action Should Be Ignored

The billionaire founder of the BitMEX cryptocurrency exchange Arthur Hayes has a new perspective for Ethereum ETH/USD. He says ETH’s poor price action could be a great opportunity for Ethereum bulls.

He suggests that the current drop in the price of ETH should be seen as “noise by long-term investors.”

Hayes says he remains bullish on ETH despite its recent decline as he believes The Merge is still on track.

“Near-term price action is ugly,” Hayes acknowledges, and says navigating current price action comes down to nerves and the ability to read the chart correctly.

Earlier, he predicted that ETH’s deep dive would be temporary as Ethereum reaps the benefits of the upgrade.

Read also : Crypto Market Crash: Here’s What to Watch for Bitcoin, Ethereum to Recover

“It is possible that the price of ETH may drop slightly before and right after the merger. Those who cut partially or completely would initially feel good about their decision,” he adds.

Hayes also emphasizes the reflexive relationship between a high and a ETH price and network usage, and said the price might start to rise gradually.

At the time of writing, ETH was trading at $1628, down almost 16% in the past seven days.

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