Is Ethereum (ETH) Currently Undervalued?

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Cryptodnes2024/11/09 13:22

By:Cryptodnes

A cryptocurrency expert recently shared his opinion on Ethereum (ETH) and whether the top altcoin is undervalued or not.

Dan Tapiero, CEO of 10T Holdings, believes Ethereum ( ETH ) is significantly undervalued and could see a 171% increase.

He attributes this potential to the rise of DeFi projects on its blockchain, especially if a pro-crypto environment emerges under Donald Trump, who plans to remove SEC Chairman Gary Gensler. Tapiero predicts ETH could exceed $8,000 in the next year, emphasizing Ethereum’s strong network usage and its role as a core asset alongside Bitcoin.

He also pointed to Ethereum holding its 100-day moving average, a bullish technical signal that suggests further price growth. Tapiero’s optimism is based on Ethereum’s increasing adoption and its ability to retain its position as a dominant player in the digital asset space.

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Meanwhile, analyst Benjamin Cowen is reassessing his forecast of Ethereum dropping to around $1,000. He notes that if ETH can break above its bull market support band, he might be wrong, signaling a potential change in market sentiment.

Cowen also suggests that Ethereum’s performance against Bitcoin (ETH/BTC) could signal a market bottom if it holds above the 50-day moving average (0.039 BTC ). This key level, if reclaimed as support, could indicate a reversal in ETH’s relative strength against Bitcoin.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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