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U.Today - It has been a rough couple of years for ETH, hasn’t it? The jokes, the memes, the endless debates about its relevance. It has almost become the underdog of the crypto world, despite being the second-largest cryptocurrency by market cap.
But here’s the thing: DonAlt, the trader who called XRP’s insane 500% pump last year, thinks ETH might be sitting in a similar spot to where XRP was before its breakout. And that’s worth paying attention to.
Back when XRP was trading between $0.5 and $0.6, DonAlt was one of the few voices saying it was mispriced. Fast forward to November, and XRP hit a new all time high at $3.4.
Now, the expert trader is looking at Ethereum, currently trading around $2,800, and seeing the same kind of undervaluation. IETH’s fundamentals are still solid — a $65 billion total value locked, a $338 billion market cap and a network that powers most of DeFi.
But sentiment? That’s another story
Between the Ethereum Foundation’s questionable moves, Vitalik Buterin’s apparent indifference to price action and ETH trading at the same levels it was during the FTX collapse, it’s easy to see why people are skeptical.The asset has become one of the most hated in the market, which, ironically, might be the best time to take a closer look. After all, markets have a way of turning sentiment on its head when least expected.
ETH’s all-time high sits at $4,800, nearly 70% above where it is now. If DonAlt’s comparison to XRP holds any weight, the upside potential is hard to ignore.
Could Ethereum be gearing up for a rally that surprises everyone? Maybe. Or maybe not. But if there’s one thing crypto has taught us, it’s that the most hated assets often have the last laugh.