BlockBeats news: On August 21, Arthur Hayes, during an appearance on Laura Shin’s podcast, said, "ETH is one of the most disliked large-cap altcoins on the market; it is the second-largest cryptocurrency by market cap, yet it has yet to surpass its 2021 all-time high."
From a risk-reward perspective—at least according to how I manage portfolios at Maelstrom—this is currently our largest position outside of Bitcoin. I’m not particularly concerned about waking up one morning to find ETH worth zero. While that scenario is possible, the risk is significantly lower compared to other cryptocurrencies, which is why I’m comfortable allocating a substantial position to this trade.
Because it hasn’t rallied much during this cycle, I believe there’s still significant catch-up potential. Once it starts moving up, the self-reinforcing momentum train will kick in. So many people have reasons to go long on ETH, and the fact that they haven’t done so in recent years is entirely understandable.
Once we break through the 3,000 level, I think you’ll really see ETH’s train get going—it could quickly surpass 5,000. My year-end target is within reach.