Speaking on the Milk Road Show on July 23, Moreno said Ethereum’s performance relative to Bitcoin can offer insight into the broader altcoin market because ETH remains the largest and most influential smart-contract platform. ETH is trading around $1,940, roughly 17% below its realized price, or the average cost basis of ETH holders, placing it in an undervalued zone. It is also closer to the lower end of its historical valuation range.