Based on mining activities and the number of unique active addresses on the Ethereum network, the Ether price should be trading around $1000, said the analysts.
They also estimated that growing institutional interest and upcoming network changes have caused investors to get ahead of themselves.
JPMorgan analysts have claimed that the recent market boom has forced Ether to price above its fair value. The analysts claim to have arrived at this conclusion by looking at the computing power and activities on the network to determine the actual value of the asset.
Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan remarked:
Essentially, a larger network of users and miners makes the underlying blockchain more secure and implies greater acceptability of the cryptocurrency on that blockchain.
Based on the mining activity and the number of unique active addresses on the Ethereum network, the price of Ether should be trading around $1000 or 75 percent lower as
