ETH charts point to undervaluation Despite its re

ETH charts point to undervaluation

Despite its recent gains, ETH appears to lag behind broader market sentiment. According to Glassnode, the MVRV Z-score — which compares Ethereum’s market cap to its realized cap (the total capital inflow into the asset) — remains well below peak cycle values. While ETH is no longer in the “bearish” range, it still trades far from levels typically associated with euphoric tops.

Relative to Bitcoin, ETH also has a lot of ground to cover. Over the past year, BTC has rallied 74% while ETH dropped 28%, widening the performance gap. However, that strength has come at a cost: BTC dominance is now historically elevated. Analysts at Bitcoin Vector suggested ETH is now “under-owned, undervalued, and in catch-up mode.” A rotation could be in the making.

In the near term, the $4,000 mark stands out as a critical psychological and technical barrier. Should ETH break above it, many analysts expect acceleration.

One perspective comes from Elliott Wave analysis, a model positing that market prices move in five recurring, psychology-driven wave patterns. According to the XForceGlobal analysis posted a month ago (already partly validated, though a bit ahead of the forecast), ETH appears to be advancing through a third impulsive wave. If the pattern holds, this phase could peak around $9,000 by early 2026, provided macro conditions remain supportive. That would mark Ethereum’s next major breakout before the onset of the next market downturn.