Markets
Ethereum Is Undervalued, Trader Suggests: “Don’t Overthink Things When Market Gives You Opportunities”
Cryptocurrency trader Eugene Ng Ah Sio shared his perspective on why Ethereum ETH/USD it is currently undervalued and suggests that when the market offers opportunities, one should not think too much.
What happened: Eugene Ng Ah Sio highlighted that the current cycle has been dominated by the ETF story, with only two crypto assets poised to benefit from these inflows. According to him, the market has retraced around 50% of the entire movement of the ETF approval candle, despite positive developments regarding the acceptance and timing of S1.
Ng also mentioned Black rock CEO Larry Fink’s “Tokenizing the World” meme, suggesting that Fink will likely promote Ethereum to customers. He drew a parallel with the how Bitcoin BTC/USD has previously been similarly pushed. Ng concluded by advising traders not to think too much about the opportunities offered by the market.
The dealer added“I closed the long ETHBTC and ETH I bought at 0.046/3k high precisely because situations like this can happen.”
Read also: Ethereum and Altcoins Could “Recover Quickly” After FOMC Meeting, Trader Predicts
Because matter: Ng’s outlook is in line with broader sentiment in the crypto community, where ETFs are seen as a major catalyst for price movements. The retracement of the ETF approval candle, despite the positive news, indicates that the market may be underestimating Ethereum’s potential.
Furthermore, the mention of Larry Fink’s “Tokenizing the World” meme highlights the growing interest in tokenization and its potential impact on the cryptocurrency market. If influential figures like Fink push Ethereum to their customers, it could lead to significant inflows and price appreciation for the asset.
Price Action: In the last 24 hours, ETH rose by 2.3%, trading at $3,618. Ethereum reported gains of around 20% last month.
What’s next: The influence of Ethereum as an institutional asset class it is expected to be explored in depth at Benzinga’s next event The future of digital assets event on November 19th.
Read next: Demand for Ethereum ETFs may be muted compared to Bitcoin ETFs, analysts say
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