Ethereum ‘Extremely Undervalued Against BTC’ – Supply Pressure May Delay Recovery
Ethereum has surpassed the $1,900 mark, breaking through the $1,850 resistance level, signaling a potential breakout. This movement occurs amid a shift in broader market sentiment. Insights from CryptoQuant indicate Ethereum is undervalued compared to Bitcoin for the first time since 2019, historically preceding strong ETH outperformance. As ETH approaches $2,000, reclaiming this level could confirm a technical breakout and boost investor confidence. However, risks persist due to ongoing US-China tensions and elevated interest rates from the Federal Reserve, which may hinder momentum. Internal factors like supply pressure and weak on-chain demand could also stall progress. Confirmation of a sustained bullish trend requires movement above resistance and improved fundamentals.
