Ethereum traders are claiming the asset remains undervalued as its price approaches $2,900, suggesting a significant upcoming surge. Since the start of 2024, Ether has risen nearly 25%, recently trading at $2,846, marking its first rise past the $2,800 level since August. Analysts like Byzantine General and Benjamin Cowen highlight the potential for a rally, with Cowen noting that if the ETH/BTC ratio surpasses the Simple Moving Average, it could signify a positive trend. Crypto trader Ryandcrypto predicts a difficult path towards a potential rally to $5,000. Additionally, Dan Tapiero of 10T Holdings argues that Ether is currently too cheap and could exceed $8,000 within a year. Further bolstering Ethereum’s outlook, the State of Michigan Retirement has begun holding significant investments in Ethereum through exchange-traded funds, pointing to increasing institutional adoption.

Source 🔗