Here's Why This Analyst Says 'Ugly' Ethereum Price Action Should Be Ignored

The billionaire founder of cryptocurrency exchange BitMEX Arthur Hayes has a new outlook for Ethereum ETH/USD. He says ETH’s ugly price action might be a prime opportunity for Ethereum bulls. 

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

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

"The short-term price action is ugly," Hayes acknowledges, and says navigating the current price action comes down to nerves and the ability to read the chart properly. 

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

Also Read: Crypto Market Meltdown: Here's What To Watch For Bitcoin, Ethereum To Recover

“It’s possible the price of ETH dips slightly heading into and right after the merge. Those who cut partially or fully would initially feel great about their decision,” he adds. 

Hayes also points to the reflexive relationship between a high and rising ETH price and usage of the network, and says the price could begin to gradually grind higher.  

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