JPMorgan Analyst: the present value of ETH is twice its intrinsic value – Bits Media

The chief strategist of the American bank JPMorgan Nikolaos Panigirtzoglu considers ether to be overvalued, and its "fair price" is predicted not higher than $1500.

According to Nikolaos Panigirtzoglu's estimates (Nikolaos Panigirtzoglou), ether should be trading much lower compared to its current cost and stay at the level $1500. This is due to that, that the Ethereum network can no longer boast of uniqueness and faces fierce competition from competitors, such as Solana and Avalanche. The analyst explained, that the growth of ETH is associated with the confidence of traders and investors in the even greater prospects of the project after the transition to Proof-of-Stake (PoS).

“To determine the value of Ethereum, we look at the network hashrate and the number of unique addresses. The current price of ether suggests such a sharp increase in traffic, which is simply impossible to materialize", - said Panigirtzoglou.

He admitted, that Ethereum truly became a “pioneer” in the development and implementation of smart contracts. But now there are many other networks, having similar functions, Therefore, these networks are often called “Ethereum killers”. Panigirtzoglou calls Solana and Binance strong rivals to Ethereum, and assumed, that competition will only get tougher in the future. So, last week the Alonzo update was successfully activated on the Cardano blockchain, which opened up opportunities for creating smart contracts.

However, Skale Labs CEO Jack O'Holleran (Jack O’Holleran) sure, what, despite the development of alternative solutions and their support by large companies, It will be difficult for them to beat Ethereum. According to O'Holleran, Ethereum blockchain developers are responsible for most of the innovations, on the basis of which DeFi projects and non-fungible tokens are created (NFT).

“Despite the emergence of other solutions, we are still watching, that the vast majority of developers are drawn into the Ethereum “vortex”, - said O'Holleran.

Recently Pantera Capital CEO Dan Morehead (Dan Morehead) suggested, that thanks to the launch of Ethereum 2.0, Ethereum could surpass Bitcoin and become the largest cryptocurrency.