BitMEX co-founder and CEO Arthur Hayes believes that ETH can reach $500 in the short term, according to a tweet posted in early August.

• Hayes was bullish, just as Ethereum reaches its highest price in 2 years
• The development of DeFi and ETH 2.0 has brought put the spotlight on Ethereum
• Hayes is also a firm believer in the DeFi space, tweeting an image of the bug-affected YAM protocol
• The DeFi market has grown from $4 billion to $6 billion in August, and continues to experience frequent new releases
• Ethereum network activity has increased, as has gas fees