Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Crypto trader Eugene Ng Ah Sio shared his perspective on why Ethereum (CRYPTO: ETH) is currently undervalued and suggests when the market provides opportunities, one should not overthink.
What Happened: Eugene Ng Ah Sio highlighted that the current cycle has been dominated by the story of ETFs with only two crypto assets poised to benefit from these inflows. According to him, the market has retraced approximately 50% of the entire ETF approval candle move, despite positive developments regarding S1 acceptance and timeline.
Ng also mentioned BlackRock CEO Larry Fink’s "Tokenizing the World" meme, suggesting that Fink is likely to promote Ethereum to clients. He drew a parallel to how Bitcoin (CRYPTO: BTC) was previously pushed similarly. Ng concluded by advising traders not to overthink opportunities presented by the market.
The trader added, "I closed the ETHBTC and ETH longs I bought at 0.046/3k at the top precisely because setups like this can occur."
Also Read: Ethereum And Altcoins May ‘Quickly Rebound’ After FOMC Meeting, Trader Predicts
Why It Matters: Ng’s perspective aligns with the broader sentiment in the crypto community, where ETFs are seen as a major catalyst for price movements. The retracement of the ETF approval candle move, despite positive news, indicates that the market might be underestimating Ethereum’s potential.
Additionally, the mention of Larry Fink’s “Tokenizing the World” meme underscores the growing interest in tokenization and its potential impact on the crypto market. If influential figures like Fink push Ethereum to their clients, it could lead to significant inflows and price appreciation for the asset.
Price Action: In the past 24 hours, ETH is up 2.3%, trading at $3,618. The past month saw Ethereum reporting gains of around 20%.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Ethereum ETF Demand May Be Muted Compared To Bitcoin ETFs, Analysts Say
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