Main navigation

Ethereum (ETH) Tremendously Undervalued at Current Prices, Prominent Trader Says

Thu, 05/11/2023 - 16:20
article image
Tomiwabold Olajide
Ethereum (ETH) current market price might be lower than its perceived true value
Ethereum (ETH) Tremendously Undervalued at Current Prices, Prominent Trader Says
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

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.

Ethereum (ETH) Might Target $1,500 Next If This Chart Pattern Plays Out: Analyst

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.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.