Macro investor and fund manager Dan Tapiero believes Ethereum (ETH) is severely undervalued in the current market.
The CEO of investment firm 10T Holdings tells his 120,000 followers on the social media platform X that ETH could soar by 171% from its current value as decentralized finance (DeFi) crypto projects built on its blockchain could flourish under pro-crypto US President Donald Trump.
Trump, who is expected to take office in January 2025, has promised to fire the chair of the US Securities and Exchange Commission (SEC), Gary Gensler, who is largely seen as being anti-crypto.
“Ethereum too cheap. Gonna explode from here. Gensler and Co. killed DeFi in the US in ’22-24. Not killed now. Long live US DeFi. Break of $4,000 going over $8,000 in the next year.”
He predicts that Ethereum will remain a strong ecosystem due to the amount of current network usage. He also shares a chart showing that ETH is holding the 100-day moving average on the daily timeframe as support, a bullish signal.
“Silly chart stuff but can’t resist. Ethereum about to launch. It’s just too cheap here. Ignore the chirping on X. It’s achieved network effect. Core asset of digital asset ecosystem along with BTC.”
Source: Dan Tapiero/X
Meanwhile, widely followed analyst Benjamin Cowen says he is reassessing his suggestion that ETH could plummet to its logarithmic trendline, potentially as low as $1,000.
“I guess the elephant in the room is if ETH ‘goes home’. If ETH gets above its bull market support band on weekly closes, then I’m probably wrong. With ETH/BTC at 0.035 BTC it definitely makes sense to start hedging (as I have done and have mentioned).”
Source: Benjamin Cowen/X
Cowen also says that ETH may soon confirm it hit a market bottom against Bitcoin (ETH/BTC) if it can reclaim a key level as support.
“I would watch ETH/BTC here. If it can get above the 50-day simple moving average [around 0.039 BTC], there is a good chance that ETH/BTC has bottomed.”
Source: Benjamin Cowen/X
ETH/BTC is trading for 0.03864 BTC ($2,946) at time of writing, up 7.33% in the last 24 hours.
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