ETH - If This 1 Metric Is Right Ethereum Could Be Massively Undervalued
2023-09-21 07:20:00 ET
Ethereum (CRYPTO: ETH) is up a resounding 37% so far this year. That might sound impressive, but keep in mind that Ethereum is still trading at nearly the same level it was 12 months ago when it completed The Merge. Shouldn't Ethereum's price have soared after this much-hyped technological breakthrough?
Clearly, crypto investors aren't impressed by technical upgrades and are waiting for the next big catalyst to appear for Ethereum. But that next big catalyst might be right under their noses, and they aren't even aware of it yet. As a result, Ethereum could be massively undervalued at its current price of $1,645.
The one metric to keep an eye on is the amount of activity happening on Layer 2 blockchain networks. These Layer 2 blockchains are built directly on top of the main Ethereum network, and help make Ethereum run faster, more efficiently, and more affordably. As such, they are very much part of the broader Ethereum ecosystem, and should be taken into account when thinking about Ethereum's growth prospects.
For further details see:
If This 1 Metric Is Right, Ethereum Could Be Massively Undervalued