Ethereum Surges 30% in Two Days... "Still Undervalued"

Doohyun Hwang

Summary

Ethereum surged 30% in two days, driven by the success of the Pectra upgrade and expectations for the global macro environment.
An LMAX Group strategist assessed that Ethereum, after facing internal scalability issues, found a rebound opportunity with a large influx of investors.
Ethereum remains at a level significantly lower than its all-time high, indicating both undervaluation and potential for recovery.

Ethereum (ETH) has shown a strong rebound over the past two days. With the successful implementation of the Pectra upgrade and increased investor sentiment towards the global macro environment, a large influx of investors is observed.

According to cryptocurrency data provider CoinGecko on the 9th (local time), Ethereum has surpassed $2400 for the first time in about three months. Over the recent 48-hour period, Ethereum has risen by more than 30%, while Bitcoin has only increased by 8%. Currently, Ethereum is trading at around $2337.

According to Decrypt, Joel Kruger, a market strategist at LMAX Group, stated, "Ethereum, which faced internal scalability issues and Layer 1 competition during the risk-averse market of Q1, has found a rebound opportunity," and "Investors are entering en masse due to the Ethereum Foundation's technical upgrades."

Carlos Guzman, an analyst at GSR, also commented, "This upgrade was the largest technical milestone since the Merge," and "It stimulated investor expectations in conjunction with the improvement in the macro environment."

Notably, Ethereum is still significantly lower than its all-time high of $4878 recorded in 2021, showing both relative undervaluation and potential for recovery.

ETH