Former BitMEX CEO Arthur Hayes says Ethereum (ETH) is likely primed for a corrective move in the coming weeks regardless of the outcome of its upcoming update.
In a new blog post, Hayes argues that if The Merge is unsuccessful, the leading smart contract platform could witness a sharp decrease in price.
“If The Merge is unsuccessful, the dump will be quick and vicious given the market’s high expectations versus the objective reality….
There will be a negatively reflexive relationship between the price and the amount of currency deflation. Or, to put it another way, there will be a positively reflexive relationship between the price and the amount of currency inflation. Therefore, in this scenario, I believe traders will either go short or choose not to own ETH.
There is a floor to this relationship in that the network is the longest operating decentralized network. ETH hit a very large market cap without a merge narrative. The most popular DApps [decentralized applications] are...
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