Prominent trader Bob Loukas thinks the second largest cryptocurrency by market capitalization, Ethereum, is tremendously undervalued. He draws his deduction, citing that given the usage, adoption, dominance and comparison to market caps across the crypto space as well as its technology, ETH might be tremendously undervalued.
This might imply that ETH's current market price is lower than its perceived true value.
Given the usuage, adoption, dominance, and comparison to caps across the space (as well as tech), $ETH is tremendously undervalued. IMO obv.— Bob Loukas (@BobLoukas) May 11, 2023
At the time of writing, ETH was trading down at $1,804, according to data from CoinMarketCap, after shedding 3.68% of its value in the past day.
ETH remains below the key $2,000 level it briefly broke through in April following the Shapella upgrade. In the past day, following the release of lower-than-expected CPI data, it rose briefly to highs of $1,888 on May 10 before declining.
The Ethereum network continues to see greater demand as market participants make moves to bringing meme mania back to crypto. The mania around meme coin PEPE recently drove a remarkable increase in profitability for validators running the Ethereum network.
Ethereum might retest $1,550
A crypto analyst who goes by @TheMoonCarl on Twitter paints the possibility of Ethereum retesting the $1,550 level if the current correction continues. He spotted a Descending Triangle pattern on the Ethereum chart, and if this breaks down, ETH might retest $1,550.
A descending triangle is a bearish chart pattern formed by a series of lower highs and a lower resistance level.
In other news, Binance.US, the subsidiary of top crypto exchange Binance says it now supports Ethereum (ETH) unstaking and withdrawals. Following the successful completion of the Ethereum Shapella upgrade, users can now stake and request the unstaking of ETH on the crypto exchange.