Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise

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Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise - NewsBTC

Quick Summary:

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.

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.

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.