As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation

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’s 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 | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Ethereum Is Overvalued JPMorgan global market strategist Nikolaos Panigirtzoglou said that ETH’s fair value is actually much lower than its current trading range. The strategist put the asset’s 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 ...