CryptoQuant CEO Ki Young Ju revealed that Ethereum is currently undervalued according to 10 out of 12 valuation models. The report indicates that most of these models value ETH above $4,000. The executive emphasized that the valuation models were developed by trusted experts from academia and traditional finance.
The analyst cited data from ETHVal, a platform designed to track Ethereum’s intrinsic value using 12 different valuation methodologies. According to the tracker, ETH’s composite fair value, as determined by these 12 models, is approximately $4,535.1. This figure represents a potential gain of 60% compared to its current trading price. The valuation models are ranked on a three-tier scale, with one being the least reliable and three being the most reliable.
Metcalfe’s Law Values ETH the Most
Metcalfe’s law, which posits that the value of a network grows in proportion to the square of the number of active users or nodes, yielded the highest ETH valuation. This model suggested that the crypto asset is undervalued by more than 213%, projecting a price of $9,534, according to an image shared by Ju.
10 out of 12 Ethereum valuation models say ETH is undervalued. https://t.co/HmBeUNeQropic.twitter.com/ng0FbHnPoT
— Ki Young Ju (@ki_young_ju) November 29, 2025
DCF staking yield ranked second among the 12 valuation models, indicating a 200% undervaluation and pricing ETH at $8,996.80. Validator Economics valued Ethereum at $6,985.1, while Settlement Layer followed closely behind with a valuation of $5,105.8. The Commitment Premium valued ETH at $5,068.90.
App Capital, which incorporates total on-chain assets including stablecoins, ERC-20 tokens, non-fungible tokens (NFTs), real-world tokenized assets (RWAs), and bridged assets, priced the crypto asset at $4,920.5. L2 Ecosystem and TVL Multiple valued ETH at $4,716.1 and $4,110.5, respectively.
The MC/TVL Fair and Staking Scarcity models presented the lowest ETH valuations above the crypto asset’s market price, valuing ETH at $3,523.3 and $3,496.5, respectively. Revenue Yield, which calculates ETH’s value based on the yearly revenue obtained from the network divided by the staking yield, suggested that ETH was overvalued, pricing the crypto asset at $1,433.8. The P/S Ratio (25X) model priced ETH at just $923.4, according to ETHVal.
Ethereum Dips Despite Renewed Institutional Interest
Data from CoinMarketCap indicates that Ethereum has decreased by 5% in the last 24 hours, despite the recent bullish valuation analysis and renewed institutional interest observed last week. Data from the U.S. spot ETF tracking website SoSoValue shows that spot Ethereum ETFs experienced inflows totaling $76.55 million on Friday, marking a five-day streak of positive flows. Friday’s inflows surpassed those seen in spot Bitcoin ETFs on the same day, which recorded $71.37 million in net inflows.
This development follows Cryptopolitan's report that ETH futures trading was expanding at a faster rate than that of Bitcoin and Solana. The report also highlighted a rise in the crypto asset’s open interests. Another analysis signaled that ETH is trading near a fair value territory, with Ethereum exchange reserves at an all-time low, indicating a limited readiness for spot selling.