Ethereum’s recent price pullback has not shaken bullish predictions from prominent analysts. Tom Lee, chairman of BitMine, and Arthur Hayes, co-founder of BitMEX, both reaffirmed their view that Ether (ETH) will reach $10,000 by the end of 2025, with Lee suggesting a potential extension to $12,000 under favorable conditions.
Appearing together on the Bankless podcast, both investors said the forecast remains valid despite the latest market correction and lingering uncertainty in the crypto sector.
Why They See $10K as Realistic
Lee described Ethereum’s current setup as a “multi-year base,” noting that the token has been consolidating since its 2021 peak of $4,878. He argued that the next leg higher would not represent speculative excess but rather “price discovery at a new level.”
“Ethereum’s basically been basing for four years now,” Lee said, adding that breaking above its long-term range signals the start of a new structural cycle. He stressed that a rally toward $10,000–$12,000 would be “a big level, but not the top.”
Hayes echoed the sentiment, saying he remains “consistent” with his $10,000 year-end target. Both analysts emphasized that upcoming protocol upgrades, staking yield dynamics, and broader institutional adoption could fuel the next move higher.
Market Context, Historical Data, and Counter-Views
The reaffirmed outlook follows last Friday’s sharp downturn, which erased nearly $19 billion from crypto markets in liquidations. Ethereum fell from around $4,350 to $4,129, though it remains more resilient than many alternative tokens.
Despite this optimism, historical data suggests more modest gains may be realistic. Since 2016, Ethereum has delivered an average 21.3% return in the fourth quarter. A repeat of that pattern from current levels would place ETH closer to $5,000 by year-end – far below Lee and Hayes’s projections.
Some market strategists hold a middle view. Tesseract CEO James Harris expects ETH to reach roughly $6,500, while MN Capital founder Michaël van de Poppe noted that the ETH/BTC pair has hit a “buy zone” around 0.032, calling for a potential higher low before a push to new highs.
Analysts agree that volatility will remain elevated through year-end as leveraged positioning resets and liquidity rotates among major crypto assets.
As previously covered, Ethereum’s long-term path hinges on network scalability, institutional flows, and macro risk appetite – not short-term speculation. Whether Lee and Hayes’s $10K call materializes or not, their conviction underscores a growing belief that Ethereum’s multi-year consolidation is nearing its end.
