PANews reported on May 30 that according to Decrypt, Arthur Hayes, founder of BitMEX, predicted at the Bitcoin 2025 conference that Ethereum may hit a record high of $4,000-5,000 this year, with a 50%-88% upside from the current $2,646. He believes that "the most hated L1" often performs well at cycle turning points, and pointed out that Ethereum's recent 45% increase has shown signs of recovery.

Analysts point to three major driving factors: 1) Ethereum accounts for 51% of the underlying network share of stablecoin issuance; 2) Layer2 ecosystem expansion (such as Robinhood's acquisition of WonderFi, which may launch on-chain equity tokens); 3) The successful implementation of the Pectra upgrade. Geoffrey Kendrick, head of digital assets at Standard Chartered Bank, is also bullish, giving a target price of $4,000 in 2025 and $7,500 in 2029. Currently, ETH needs to rise 88% to break through the previous high of $4,878 in 2021.