Markets
Ethereum is undervalued, trader suggests: ‘Don’t overthink when the market gives you opportunities’
Crypto Trader Eugene Ng Ah Sio shared his perspective on why Ethereum ETH/USD 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 flows. According to him, the market retracted approximately 50% of the entire movement of the ETF approval candle, despite the positive evolution in relation to acceptance and the S1 schedule.
Ng also mentioned Black stone CEO Larry Fink “Tokenizing the World” meme, suggesting that Fink will likely promote Ethereum to customers. He drew a parallel to how Bitcoin BTC/USD was previously pressured in a similar way. Ng concluded by advising traders not to overthink the opportunities presented by the market.
The merchant added“I closed the long positions in ETHBTC and ETH that I bought at 0.046/3k at the top precisely because setups like this can occur.”
Read too: Ethereum, Altcoins Could ‘Recover Quickly’ After FOMC Meeting, Trader Predicts
Why this matters: Ng’s perspective is in line with broader sentiment in the crypto community, where ETFs are seen as an important catalyst for price movements. The retracement of the ETF’s approval candle movement, 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 crypto market. If influential figures like Fink push Ethereum to their clients, it could lead to significant inflows and price appreciation for the asset.
Price Action: In the last 24 hours, ETH is up 2.3%, trading at $3,618. Last month, Ethereum reported gains of around 20%.
What is the next: The influence of Ethereum as an institutional asset class expected to be thoroughly explored at Benzinga’s next event Future of digital assets event on November 19th.
Read next: Demand for Ethereum ETF may be muted compared to Bitcoin ETFs, analysts say
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