{"id":472140,"date":"2021-09-22T17:00:50","date_gmt":"2021-09-22T17:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=472140"},"modified":"2021-09-22T14:12:28","modified_gmt":"2021-09-22T14:12:28","slug":"ethereum-55-lower-valuation","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-55-lower-valuation\/","title":{"rendered":"As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation"},"content":{"rendered":"<p class=\"p1\">The past two days following the weekend close have not been the best for Ethereum. Along with the broader crypto market, the digital asset has suffered numerous dips that saw it break below $3,000 for the first time in a month. Although recovered back above $3,000, Ethereum continues to have a hard time maintain its position above this resistance point.<\/p>\n<p class=\"p1\">Although hopes are up in the community for recovery, a JPMorgan strategist has warned that the market is likely to see more dips that will drive the price of the digital asset further down. The strategist\u2019s forecast essentially puts Ethereum in a bear market. Placing the bottom of the downtrend at less than half the current value of the digital asset.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/mid-cap-altcoins-hold-highs-bitcoin\/\">Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum<\/a><\/strong><\/em><\/p>\n<h2 class=\"p1\">Ethereum Is Overvalued<\/h2>\n<p class=\"p1\">JPMorgan global market strategist Nikolaos Panigirtzoglou <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/ether-price-outlook-eth-solana-cardano-jpmorgan-blockchain-lower-competition-2021-9\" rel=\"nofollow\">said<\/a> that ETH&#8217;s fair value is actually much lower than its current trading range. The strategist put the asset\u2019s fair value at $1,500, less than half of its current price. Unlike the rest of the market, Panigirtzoglou does not believe that the Ethereal network is the most attractive for investors, even though the price might suggest otherwise.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/EicYx2jr\/\" alt=\"Ethereum price chart from TradingView.com\" width=\"1354\" height=\"686\"><\/p>\n<pre style=\"text-align: center\">ETH price struggles at $2,900 | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">ETHUSD on TradingView.com<\/a><\/pre>\n<p class=\"p1\">The growth of ETH recently has been attributed to the growth of market applications like decentralized finance. Currently, Ethereum is the leading smart contracts platform, which has seen the highest development of decentralized finance protocols. But even this does not convince the strategist of ETH\u2019s current valuation.<\/p>\n<p class=\"p1\">According to Panigirtzoglou, the actual valuation of the digital asset should be 55% less than it currently is. Panigirtzoglou points out that with growing competition from other blockchains like Solana and Cardano, Ethereum\u2019s offering is no longer unique and \u201ccan easily be replicated by other networks.\u201d<\/p>\n<h2 class=\"p1\">The Rise Of The \u201cETH Killers\u201d<\/h2>\n<p class=\"p1\">Panigirtzoglou elaborated on the growing competition for Ethereum, highlighting that there are just going to be more blockchains popping up to compete with the network in the future. The strategist brought up Cardano\u2019s latest upgrade, which added it to the growing list of competitors for Ethereum. \u201cYou\u2019re already seeing competition from Binance, competition from Solana,\u201d Panigirtzoglou said. \u201cAnd there are going to be more in the future,\u201d he added.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-ready-for-climb-over-10000\/\">Ethereum Is Ready For Inevitable Climb Over $10,000, Says Crypto Analyst<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">The rise of the so-called \u201cETH Killers\u201d has certainly been an interesting turning point for the crypto industry. Although Ethereum still hosts the majority of smart contract-related activities in the market, blockchains like Solana have started creeping up to take more share from the leading blockchain. Giving credence to Panigirtzoglou\u2019s belief that these blockchains will make ETH less valuable in the long run.<\/p>\n<pre style=\"text-align: center\">Featured image from Libertex, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The past two days following the weekend close have not been the best for Ethereum. Along with the broader crypto market, the digital asset has suffered numerous dips that saw it break below $3,000 for the first time in a month. Although recovered back above $3,000, Ethereum continues to have a hard time maintain its position above this resistance point. Although hopes are up in the community for recovery, a JPMorgan strategist has warned that the market is likely to see more dips that will drive the price of the digital asset further down. The strategist\u2019s forecast essentially puts Ethereum in a bear market. Placing the bottom of the downtrend at less than half the current value of the digital asset. Related Reading |\u00a0Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Ethereum Is Overvalued JPMorgan global market strategist Nikolaos Panigirtzoglou said that ETH&#8217;s fair value is actually much lower than its current trading range. The strategist put the asset\u2019s fair value at $1,500, less than half of its current price. Unlike the rest of the market, Panigirtzoglou does not believe that the Ethereal network is the most attractive for investors, even though the price might suggest otherwise. ETH price struggles at $2,900 | Source: ETHUSD on TradingView.com The growth of ETH recently has been attributed to the growth of market applications like decentralized finance. Currently, Ethereum is the leading smart contracts platform, which has seen the highest development of decentralized finance protocols. But even this does not convince the strategist of ETH\u2019s current valuation. According to Panigirtzoglou, the actual valuation of the digital asset should be 55% less than it currently is. Panigirtzoglou points out that with growing competition from other blockchains like Solana and Cardano, Ethereum\u2019s offering is no longer unique and \u201ccan easily be replicated by other networks.\u201d The Rise Of The \u201cETH Killers\u201d Panigirtzoglou elaborated on the growing competition for Ethereum, highlighting that there are just going to be more blockchains popping up to compete with the network in the future. The strategist brought up Cardano\u2019s latest upgrade, which added it to the growing list of competitors for Ethereum. \u201cYou\u2019re already seeing competition from Binance, competition from Solana,\u201d Panigirtzoglou said. \u201cAnd there are going to be more in the future,\u201d he added. Related Reading |\u00a0Ethereum Is Ready For Inevitable Climb Over $10,000, Says Crypto Analyst The rise of the so-called \u201cETH Killers\u201d has certainly been an interesting turning point for the crypto industry. Although Ethereum still hosts the majority of smart contract-related activities in the market, blockchains like Solana have started creeping up to take more share from the leading blockchain. Giving credence to Panigirtzoglou\u2019s belief that these blockchains will make ETH less valuable in the long run. Featured image from Libertex, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":472141,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,6931,84318,8686,78803,83933],"class_list":["post-472140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethereum-value","tag-ethusd","tag-ethusdt","tag-market-strategist"],"acf":[],"yoast_head":"\n<title>As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation<\/title>\n<meta name=\"description\" content=\"The past two days following the weekend close have not been the best for Ethereum. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-55-lower-valuation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-55-lower-valuation\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/778614103-min_0.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/778614103-min_0.jpeg?fit=600%2C400"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum price","ethereum value","ethusd","ethusdt","market strategist"],"dateCreated":"2021-09-22T17:00:50Z","datePublished":"2021-09-22T17:00:50Z","dateModified":"2021-09-22T17:00:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-55-lower-valuation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-55-lower-valuation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/778614103-min_0.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/778614103-min_0.jpeg?fit=600%2C400\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum price\",\"ethereum value\",\"ethusd\",\"ethusdt\",\"market strategist\"],\"dateCreated\":\"2021-09-22T17:00:50Z\",\"datePublished\":\"2021-09-22T17:00:50Z\",\"dateModified\":\"2021-09-22T17:00:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/778614103-min_0.jpeg?fit=600%2C400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=472140"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/472141"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=472140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=472140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=472140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}