Despite Ethereum’s 38% surge year-to-date, retail investors have remained persistent in holding their positions, suggesting that many traders still see the cryptocurrency as undervalued. This is evidenced by low inflows to deposit addresses for major crypto exchanges like Binance and OKX, and the Spent Output Profit Ratio (SOPR) of ETH, which is still less than 1.10, indicating that the majority of ether transactions are happening near breakeven levels, with investors realizing minimal profits.
Onatt, a pseudonymous analyst, believes that ETH could reach $4,000 in the short term, provided its price remains above the $2,800 level. However, CryptoQuant founder and CEO Ki Young Ju thinks otherwise, believing that ether’s future performance depends on how much revenue Web3 apps can generate through stablecoins.
