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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise

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Ethereum has experienced a noticeable surge in its price recently, trading above the psychological $3,000 price mark, which has reignited interest in the crypto market. According to on-chain analysis, retail investors appear to be adopting a “hold” strategy, resisting the urge to sell despite the increase in ETH’s value.

Market analysts view This holding behavior as significant, especially considering the broader market sentiment influenced by the so-called “Trump Trade,” which has contributed to easing risks and enhancing market conditions.

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10 months ago

Limited Ethereum Deposits To Exchanges

According to the onatt, the CryptoQuant analyst behind the analysis, this trend of holding ETH without significant profit-taking suggests that many investors still perceive the cryptocurrency as “undervalued,” even at its elevated levels.

Another factor onatt mentioned supporting this observation is the limited inflow of ETH to major exchange deposit addresses such as Binance and OKX, indicating that traders are not moving their assets to sell.

Ethereum retail investors holding.
Ethereum retail investors holding. | Source: CryptoQuant

Generally, large volumes of ETH flow into exchanges typically signal impending selling pressure. However, this has not been the case, reflecting a cautious but optimistic outlook among retail market participants.

Key Metric Highlighting Investor Sentiment

Another major metric the CryptoQuant analyst highlighted reinforcing this “hold” sentiment is the Spent Output Profit Ratio (SOPR), which tracks the profitability of spent coins.

onatt reveals that this metric remains close to 1, indicating that most Ethereum transactions are happening near breakeven levels. This data indicates a lack of significant profit realization among ETH holders, highlighting a strong “buy and hold” sentiment.

According to the analyst, when paired with low exchange inflows, this metric also suggests that investors are maintaining confidence in Ethereum’s long-term growth potential.

Furthermore, onatt’s analysis suggests that as long as ETH maintains levels above $2,800, it could pave the way for a swift move toward the $4,000 range.

So far, Ethereum is currently still trading above just above $3,000. While the asset’s price increase is nowhere near that of BTC, it has managed to maintain stability above the crucial psychological price level.

Related Reading

Ethereum Price Confronts Barriers

Ethereum Price Confronts Barriers to a New Surge—Can Bulls Prevail?

10 months ago

At the time of writing, ETH has surged by 0.2% in the past day with a current trading price of $3,100—a price mark that brings Ethereum a 36.4% decrease away from its all-time high (ATH) of $4,878 registered in 2021.

Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

Analysts have suggested that the current market price of ETH is a notable buying opportunity for the asset. A crypto enthusiast known as venturefounder has particualry predicted a “conservative” $10k-$13k price target for ETH.

$ETH: road to $13k

This could be a transformative cycle for #Ethereum.

$10k-$13k is conservative. pic.twitter.com/q3Er9EG9gS

— venturefounder (@venturefounder) November 19, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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