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According to a recent X post by crypto trader Coinvo, Ethereum ($ETH) is ‘insanely undervalued’ at its current price. Several on-chain metrics appear to support Coinvo’s assessment, as $ETH accumulation addresses continue to stack the digital asset despite lackluster price performance over the past few years.
Ethereum May Be Due A Rally Soon
Although $ETH has risen 8% over the past two weeks, it remains down 43% over the past year, trading around $1,700 at the time of writing. From its all-time high ($ATH), Ethereum is down 63.6%, in stark contrast to Bitcoin ($BTC), which is trading just 13.7% below its $ATH.
Ethereum’s relatively poor performance compared to other major cryptocurrencies has raised questions about its long-term outlook. While Bitcoin benefits from its first-mover advantage and broader institutional adoption, Ethereum faces increasing competition from rival smart contract platforms like Solana (SOL), SUI, and Polkadot (DOT).
Despite prevailing negative sentiment, some analysts believe $ETH could be on the verge of a turnaround. Coinvo, for instance, claims that Ethereum is significantly undervalued and could be poised for a massive rally.
The trader shared the following chart leveraging the Market Value to Realized Value (MVRV) Z-score – a metric used to identify potential market tops and bottoms. According to the chart, Ethereum’s MVRV Z-score has now entered the green zone – between 0 and -1 – a range that historically signals a market bottom and possible trend reversal.
Meanwhile, inflows into Ethereum accumulation addresses have surged to historic highs. In an X post, analyst CryptoGoos shared a chart showing record $ETH inflows into these addresses in 2025.
High inflows to accumulation addresses indicate that long-term investors are actively buying and holding $ETH, even during market downturns. This behavior often reflects growing confidence in Ethereum’s future value and suggests a potential bullish sentiment building beneath the surface.
In a separate post, CryptoGoos also highlighted that Ethereum’s exchange reserves are at a multi-year low. Diminishing reserves on exchanges point to reduced selling pressure and a tightening supply, which could strengthen $ETH’s scarcity narrative and drive prices higher in the near term.
$ETH Holders Not ‘Bullish Enough’
Noted analyst Crypto Rover drew parallels between $ETH’s current price action and $BTC’s 2021 trajectory. According to the analyst, if Ethereum mirrors Bitcoin’s past performance, it may be on track to reach a new $ATH in the coming months.
That said, concerns remain around further decline in $ETH’s price if the global macroeconomic situation worsens amid the US President Donald Trump’s looming reciprocal trade tariffs. At press time, $ETH trades at $1,754, down 2.1% in the past 24 hours.
