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Bitwise: The Ethereum price is in the 'most undervalued range in recent years' and is expected to Rebound to $3000 in the near future
Ethereum's price performance in this round of Bull Market has been unsatisfactory, much to the disappointment of many investors. In response, Bitwise reports that Ethereum is in one of the most undervalued ranges in recent years, although the price may appear Rebound this month. In addition, LMAX and 10x Research also said in a recent report that Ethereum is expected to rebound to $3,000. EthereumshortsPosition soars 40% a week, what are institutions laying out? Holdings Ten Years Whale: Don't see ETH growth potential anymore) (Background added: Chinese KOL heavy position LongEthereum asks AI to save? Aixbt Cold Back: Dead! will fall to $500) In this round of Bull Market, Ethereum, as the second brother of the crypto world, has disappointed investors, compared to the public chain Solana, high gas fees and no ecological innovation have become the main reasons for the loss of Ethereum users. In addition, the Ethereum Foundation (EF) continues to sell tokens to affect the market perception, which in turn causes the Ethereum coin price to not raise its head in the Bull Market, and even shows signs of gradually bottoming. Bitwise: Ethereum is in the most undervalued range in recent years Against this backdrop, Encryption asset manager Bitwise noted in a recent report that Ethereum has entered "one of the most undervalued ranges in recent years," Decrypt reported. The report further stated that since the end of 2022, Ethereum has consistently underperformed BTC in price performance, which has led to a continued decline in the ETH/BTC trading pair. As of now, the ETH/BTC trading pair has fallen to 0.02728, down 47% from the same period last year. In addition, Bitwise also listed three reasons for the recent continued low price of Ethereum, including: Market follow hot shift: The reason for Ethereum's poor price performance, which is widely believed to be caused by the rise of AI, meme coins, and RWA Rise of Layer2 solutions: The rise of Layer2 scaling solutions not only fragmented activity within the Ethereum ecosystem, but also limited EthereumMainnet's ability to directly capture value ETH Pressure as a trading pair: Ethereum is widely used as a trading pair throughout the encryption market, which makes it vulnerable to the constant selling pressure that comes with Arbitrage trading when it rises on price. However, Bitwise also pointed out that according to historical data, Ethereum may have a potential rebound this month, as the ETH/BTC trading pair has shown an upward trend in February in 7 of the past 8 years. As for the magnitude of Rebound, Bitwise doesn't focus too much on it. Ethereum expected to rebound back to $3,000 However, according to Coindesk, LMAX strategist Joel Kruger said in his latest report that market sentiment towards Ethereum is picking up, and its price may rebound above $3,000: ETH seems to be trying to build some bullish momentum and may eventually rise above $3,000. Sentiment towards the world's second-largest asset is picking up, with many mid- to long-term investors taking advantage of the recent pullbackget on board. In addition, cryptocurrency analysis firm 10x Research also pointed out in a recent report that Ethereum's relative strength index RSI has dropped to about 35%, given the price Rebound that has appeared after RSI has fallen to similar levels in the past, 10x Research predicts that Rebound may also appear in the near future. According to 10x Research analysts, Ethereum is currently battling the key resistance level of around $2,650, and a breach of that level could lead the price to climb further to the next resistance level around $3,000. In addition, the report also said that the Pectra upgrade planned for March may trigger a wave of hype in the coming weeks; In addition, today's release of CPI below the market forecast of 2.9% may also push Ethereum prices higher. Ethereum Price and RSI Indicator, source:10x Research Related Reports Analyst: New project in Ethereum L2 no one cares, online Solana works better EthereumshortsPosition soared 40% in a week, what is the institution laying out? Holdings Ten Years Whale: Don't See ETH Growth Potential Hong Kong investment immigrants accept BTC and Ethereum as assets for the first time, list the details of the application process "Bitwise: Ethereum price is in the "most undervalued range in recent years" is expected to rebound to $3,000 in the near future" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Block Chain News Media".