Ethereum (ETH) Valuation
Rating: Fairly Priced (Low)
12-Month Fair Value: $1850 – $2400 – $2950
Confidence: LOW
ETH at $2,094 is the most complex risk/reward in crypto. ETH/BTC ratio at 0.029 (44% below 5yr avg) is the strongest contrarian signal — DeFi deposits at ATH (25.3M ETH) confirm the ecosystem isn't dying. But L2s absorb 63% of tx, NVT in danger zone, staking yield (3.4%) below risk-free (4.27%). R/R 1.76:1 is favorable — better than BTC (0.61:1) — because ETH fell further and has more mean-reversion upside. Gold (2.50:1) remains best overall. ACCUMULATE LIGHTLY; prefer ETH/BTC pair trade.
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