Ethereum’s fair value, based on network-activity indicators, is $1,500. This was stated by JPMorgan strategist Nikolaos Panigirtzoglou in a comment to Markets Insider.
According to him, the network of the second-largest cryptocurrency by market cap is less attractive than its price implies. Panigirtzoglou noted growing competition from Solana, Cardano, and other blockchains.
“We look at hash rate and the number of unique addresses to try to understand Ethereum’s value. We are struggling to push above $1,500,” said the JPMorgan strategist.
Skale Labs chief Jack O’Holleran said that Ethereum will remain the leading decentralised finance blockchain.
“Most smart-contract developers are building their ecosystem on Ethereum, despite announced partnerships on other networks,” he explained.
As reported in June, Panigirtzoglou said that Bitcoin’s price dropping below $30,000 could rekindle institutional investors’ interest in the first cryptocurrency.
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