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BitMEX co-founder Arthur Hayes called Ethereum his 'number one pick' in an interview this weekend, arguing the asset could run 3 to 5x 'pretty quickly' and branding it 'one of the most unloved large-cap assets in crypto.' The call lands as ETH grinds against $2,500 resistance with RSI at 76.3, technically overbought, while holding in the mid-$2,400s after slipping from Sunday's high near the same level. Spot inflow data remains thin despite the bullish framing, the gap between Hayes' narrative and what is actually showing up on-chain.
Why it matters
Hayes still projects Bitcoin toward roughly $1 million within four years on the back of potential mass money printing, so the ETH call is not an anti-Bitcoin stance. It is a relative-value rotation thesis: ETH has lagged BTC's 2024 move, and Hayes is positioning for a catch-up trade on the next leg of liquidity. That framing matters because it reads as a macro overlay large allocators weigh before they rebalance, not trader-talk that fades inside a week.
The ceiling problem is real. A 3-5x move on a $2,450 asset with a market cap in the hundreds of billions requires enormous capital rotation to materialize quickly. The source article points to smaller-cap infrastructure plays like Bitcoin Hyper ($HYPER), a Bitcoin Layer 2 with native SVM integration, as one alternative; its presale has reportedly raised $33 million at $0.0136855 with staking rewards around 35% APY, though those figures carry the usual presale caveats.
Market impact
ETH's MACD is bullish and price is holding above both medium- and long-term moving averages, the structural setup Hayes is leaning on. A clean break above $2,500 with volume opens $2,580 and then $2,750. Failure to consolidate flips the setup: rejection sends ETH toward $2,380, then $2,300, with the 200-day moving average at $2,245 the next line and a break below opening a retest of $2,030.
Bitcoin is at $78,500, down a modest 0.20%, and still commands 59.79% market dominance. That level is what keeps the 'rotation' thesis theoretical rather than proven: the ETH/BTC pair can strengthen on a relative basis while capital inflows on both sides stay steady.
Frequently asked questions
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Why did Arthur Hayes call ETH his top pick?
In an interview this weekend, the BitMEX co-founder argued Ethereum could run 3 to 5x 'pretty quickly' and called it 'one of the most unloved large-cap assets in crypto,' framing it as a relative-value rotation trade against BTC.
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What is ETH's current RSI and what does it signal?
ETH's RSI is at 76.3, technically overbought. The MACD is bullish and price is holding above medium- and long-term moving averages, so the trend structure supports the upside even as the short-term oscillator flashes caution.
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What are the key technical levels to watch on ETH?
$2,500 is the line in the sand. A clean break with volume opens $2,580 and $2,750. Failure flips the setup toward $2,380, $2,300, the 200-day MA at $2,245, and ultimately a $2,030 retest in the bear case.
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Did Hayes abandon his Bitcoin thesis alongside the ETH call?
No. Hayes still projects BTC toward roughly $1 million within four years on potential mass money printing. The ETH call is a relative-rotation thesis layered on top of a still-bullish BTC stance, not an anti-Bitcoin pivot.
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Does ETH/BTC strength actually mean capital is rotating?
Not yet. BTC sits at $78,500 with 59.79% market dominance and spot ETH inflows remain thin. The pair can strengthen on a relative basis while aggregate capital stays flat, which keeps the rotation thesis theoretical until the dominance number breaks.
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