The TVL-to-ETH value ratio suggests Ethereum may be underpriced relative to its network value.

"Trader Pentosh1 said on X that ETH remains the strongest major in the market and sees the $1,700s as a potential accumulation zone if price pulls back there over the next few weeks."

"Leon Waidmann, head of Research at Lisk, makes a valuation argument based on a comparison between Ethereum’s Total Value Locked and Ether’s market cap."