Arthur Hayes, the co-founder of once the biggest crypto derivatives exchange, BitMex, says his target for eth is $5,000 based on the triple halving due to the Merge upgrade to Proof of Stake.

“I believe this is a conservative estimate,” Hayes says, “because the structural changes to the demand/supply dynamic will never be fully priced in a priori– just like how the Bitcoin halvings continuously produce positive returns, even though we know well in advance when they will occur.”