Ethereum

Bitcoin

Ultra

<p>While Bitcoin started 2023 with an explosive surge of over 140% since January, Ethereum remains lagging behind. However, despite solid fundamentals, ETH is still trading 54% below its all-time high. Undervalued, it could soon catch up and take off.</p> 
<h2 id="h-ethereum-in-bitcoin-s-shadow">Ethereum in Bitcoin’s Shadow</h2> 
<p>Since the rally began in mid-October, Ethereum has seen a growth of about 30%, significantly less than the astronomical gains of Bitcoin which has jumped by 55%. Observers have noted that Ethereum has not benefited as much as its counterpart from the hype surrounding Bitcoin spot ETFs.&nbsp;</p>
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<p>Nevertheless, the fundamentals of the Ethereum network remain impressive, as Ryan Sean Adams of Bankless <a href="https://beincrypto.com/ethereum-bull-run-eth-undervalued/" target="_blank" rel="noreferrer noopener">reminded</a> us yesterday: with its annualized profits of $2.7 billion and its price-to-earnings ratio of 98 – even surpassing Amazon’s 75 – the current price of $2200 appears “laughable”.</p> 
<p>Moreover, since the merge in September 2022, ETH has embarked on a deflationary trajectory, with a supply reduction of over 293,000 units according to Ultra Sound Money.&nbsp;</p> 
<p>In addition, the attractive remuneration of 5.3% promised to validators for staking makes Ether the “internet bond”. The asset also ticks the ESG boxes with its energy-efficient proof-of-stake mechanism.</p>  
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<h2 id="h-upcoming-growth-drivers-on-the-horizon">Upcoming Growth Drivers on the Horizon</h2> 
<p>Beyond these solid fundamentals, Ethereum can also soon count on new catalysts. An Ether-backed ETF is likely in 2024, potentially attracting billions of dollars.</p> 
<p>Some are even already predicting a rally towards $10,000. It is thus the ideal time to buy before the actual rise begins.</p> 
<p>Therefore, with impressive fundamentals and bullish catalysts on the horizon like a possible spot ETF, Ethereum has great potential. Its current price reflects a clear undervaluation. A <a href="https://www.cointribune.com/en/bitcoin-soars-beyond-40000-heading-towards-100000/" target="_blank" rel="noreferrer noopener">surge to new heights</a> seems feasible in 2024.</p>

Ethereum, an Undervalued Gem at $2200?

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