Macro investor and fund manager Dan Tapiero believes that Ethereum (ETH) is undervalued in the current market.
The CEO of investment firm 10T Holdings told his 120,000 followers on social media platform Encrypted Donald Trump.
Trump, who is expected to take office in January 2025, has promised to fire SEC Chairman Gary Gensler, who is largely seen as anti-crypto.
“Ethereum is too cheap. It will explode from here. Gensler and Co. killed US DeFi in 22-24. Not killed now. Long live US DeFi. Breaking $4,000 over $8,000 next year.”
He expects Ethereum to remain a strong ecosystem given the amount of current network usage. He also shares a chart showing that ETH is holding the 100-day moving average on the daily time frame as support, which is a bullish signal.
“The chart stuff is ridiculous but irresistible. Ethereum is about to launch. It’s very cheap here. Ignore the chirping on X. It has achieved a network effect. Core assets of the digital asset ecosystem alongside BTC.”
Source: Dan Tapiro/X
Meanwhile, widely followed analyst Benjamin Cowen says he is re-evaluating his suggestion that ETH could fall to the log trend line, potentially reaching $1,000.
“I think the big issue in the room is if ETH goes home.” If ETH breaks above the bull market support range on the weekly close, I am likely wrong. With the ETH/BTC price at 0.035 BTC, it definitely makes sense to start hedging (as I did and mentioned).”
Source: Benjamin Quinn/X
Cowen also says that ETH may soon confirm a market bottom against Bitcoin (ETH/BTC) if it can reclaim a key level as support.
“I would like to see ETH/BTC here. If it can break above the 50-day simple moving average [around 0.039 BTC]There is a good chance that ETH/BTC will hit the bottom.”
Source: Benjamin Quinn/X
ETH/BTC is trading for 0.03864 BTC ($2,946 USD) at the time of writing, up 7.33% over the past 24 hours.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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