Recently, market analyst Ki Young Ju put forward a viewpoint that has sparked considerable discussion—Ethereum's current price may be far below its "true value."

He presented a horizontal comparison using 12 valuation models. The results were quite interesting: among them, 9 models pointed to the same conclusion that ETH is currently undervalued. Overall, these models suggest a "reasonable price" of around $4836, which is more than 58% higher than the current market price. Among these 12 models, 8 have a reliability rating of above level 2, and are said to be frameworks widely recognized in traditional finance and academic circles.

Specifically, let's look at a few models. The valuation logic of App Capital will account for all on-chain assets—stablecoins, ERC-20 tokens, NFTs, RWA tokenized assets, and assets bridged across chains. According to this algorithm, the reasonable price of ETH should be around $4918.

Even more exaggerated is the Metcalfe's Law model. This law posits that the value of a network is proportional to the square of the "real active users" or "number of nodes." Using this logic, the price of ETH should reach $9484—in other words, it may currently be undervalued by over 211%.

If we look at it from the Layer-2 valuation framework, considering the total locked value of the Ethereum L2 scaling ecosystem... (The original text is incomplete, but from these data, it is indeed suggested by several models that the value of ETH may not have been fully reflected by the market.)