Ethereum has gained 50% over the past two weeks, currently trading around $3,730, though it remains 23% below its all-time high.
Ethereum Remains Undervalued by Market Metrics
Despite recent gains, ETH still lags behind broader market sentiment. Glassnode’s MVRV Z-score indicates that ETH is still far from typical cycle tops. Although it's no longer in 'bearish' territory, the metric suggests the token remains undervalued. Compared to Bitcoin, Ethereum seems to have significant room to catch up.
Elliott Wave Forecast Suggests Major Upside Ahead
Technical analysis from XForceGlobal shows Ethereum's price movement aligns with Elliott Wave theory. This model suggests that markets move in five waves driven by collective psychology. Their analysis indicates that ETH is currently in a third impulsive wave. If the trend holds, Ethereum could reach around $9,000 by early 2026.
Onchain Data Supports Long-Term Bullish Outlook
Onchain metrics also support the bullish case for ETH, with over 34 million ETH currently staked, representing 28% of the total supply of 120.7 million. This reflects strong investor conviction and reduces tokens in active circulation. Diminished sell-side liquidity often aids price increases when demand grows.
Overall, Ethereum continues to attract attention from both retail and institutional investors, with many believing the current rally may just be the beginning.
