The present price is around $2940, and Ethereum is already undervalued according to digital investment advice company Two Prime
The prices of this cryptocurrency have progressed to $1922 over $28000 in April and were among the highest in the crypto-monetary industry last month. The present price is around $2940, and Ethereum is already undervalued according to digital investment advice company Two Prime.
Fundamental analysis: The daily volume of ETH remains high
Ethereum has exploded since early April, and the bull market continues to invest in this cryptocurrency. ETH’s daily volume remains strong and Ethereum will quickly advance beyond $3000 if this optimistic trend persists.
There is still a considerably high hash rate in Ethereum’s network, and solid network fundamentals remain one of Ethereum’s key characteristics. According to recent information, the European Investment Bank will issue 121 million dollars of digital bonds in the Ethereum public blockchain, which continues to draw institutional investors.
Ethereum has attracted the attention of institutional investors successfully for this year, and Ethereum is “strongly undervalued” in comparison with Bitcoin, according to the digital asset guidance provider Two Prime.
“We believe ETH is a leader in institutional investment, value-added store and treasury reserve assets alongside BTC’s analysis of the price performance, derivatives markets and on-chain data,” said Two Prime Minister.
Bitcoin’s market capitalisation has exceeded $1 billion and Two Prime reports that in early 2021 Ethereum began drawing institutional investments and is still very much expanded. We should also note that Grayscale Investments, one of the world’s largest crypto-currency investment enterprises, currently holds over ETH 3.2 million (approximately 3 percent of the total supply).
This shows that Ethereum, which generates a price lift pressure, has trusted even major actors as Grayscale. At the beginning of May, the total valuation of the Grayscale Ethereum Trust reaches more than $9 billion, while demand for Ether remains rising.
Technical analysis: $2500 represents a strong support level
This crypto-currency has jumped considerably in a short space of time and you should consider that if you decide to buy Ethereum (ETH), the price could also be weaker from current standards.
Ethereum trades at $2940 level and will be a signal to sell Ethereum if price leaps over $3000 resistance (ETH). If the price target drops below $2,500, this will be a clear “selling” warning. The following price target might be around $3 200 or even $3,500.
Summary
Ethereum has exploded since early April, and Ethereum is still underestimated by the digital asset investment leader Two Prime. This year Ethereum gained the public’s interest effectively, while Grayscale Ethereum Trust’s total valuation hit 9 billion dollars in early May.