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JPMorgan called the fair price of Ethereum

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The fair price of Ethereum (ETH) based on network activity indicators is $1,500. Managing Director at J.P. Morgan, Nikolaos Panigirtzoglou stated this in a comment to Markets Insider.

According to him, the network of the second largest cryptocurrency is less attractive than its price suggests. Thus, Panigirtzoglou noted the growing competition from Solana, Cardano and other blockchains.

“We look at the hashrate and the number of unique addresses to try to understand the value for Ethereum. We’re struggling to go above $1,500,” the JPMorgan strategist added.

Skale Labs response

The CEO and co-founder of Skale Labs, Jack O’Holleran, in response, said that Ethereum will remain the dominant decentralized financial blockchain.

“Most developers of smart contracts are building an ecosystem based on Ethereum, despite the announced partnerships in other networks,” he explained.

Decentralized finance, or DeFi, uses crypto technology to develop financial products that do not rely on centralized authorities. In addition, Skale Labs is a blockchain scalability platform that provides high-speed consensus and empowers decentralized applications (dApps) to run smart contracts.

The interest of institutional investors

Recall that in June, Panigirtzoglou said that the departure of the Bitcoin price below $30,000 could return the interest of institutional investors in the first cryptocurrency.

Panigirtsoglu said that so far he does not observe the desire of the funds to “buy out drawdowns”. He sees the risks of continuing the bear market for several months. Institutional investors were attracted by the uptrend of Bitcoin this year, but the sharp growth subsequently led to a “repulsive effect,” the strategist added.

Assets of $3.684 trillion brought JPMorgan to first place among the largest US banks. Ahead of Citigroup and Bank of America. Moreover, the fourth-largest bank in the world. Formed as a result of the merger of Chase Manhattan Corporation and J.P. Morgan & Co., the company serves millions of customers in the United States.

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