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Ethereum (ETH) continued to trade sideways on Friday following a volatile week marked by a broader crypto market downturn.
Notably, the cryptocurrency posted a modest gain of roughly 1% over the past seven days, even as selling pressure weighed on many digital assets.
Meanwhile, Tom Lee, co-founder of Fundstrat Global Advisors, continues to argue that Ethereum remains undervalued at current levels and that ETH’s value may not improve significantly in the future, but he strongly believes it could reach $22,000 by 2028.
His perspective is tied not only to Ethereum’s expanding role in decentralized finance and tokenized markets but also to broader crypto-cycle dynamics. In a recent commentary, Lee highlighted Bitcoin’s price behavior as a crucial macro signal for the entire digital asset market.
“If Bitcoin were to close above $76,000 for the month, it would strongly suggest that the bear market phase is over,” he noted.
 
According to him, consistent monthly increases in Bitcoin have historically marked the bearish-to-bullish transition regimes. He emphasized that while short-term rebounds can occur within bear markets, as seen in previous cycles like 2022, true trend reversals are typically confirmed only after multiple consecutive monthly closes in the green.
Additionally, according to popular analyst Ali Martinez, Ethereum has recently reached a crucial on-chain threshold known as the Realized Price, currently positioned around $2,380. This level represents the average price at which every ETH token last moved on the blockchain, effectively reflecting the collective cost basis of market participants.
The pundit explained that this zone is significant because it often acts as a psychological and structural boundary in market cycles. When Ethereum trades below this level, a large portion of holders are technically underwater, which can contribute to selling pressure during rebounds.
However, a sustained break above the realized price typically shifts sentiment, returning most holders to profit and reducing the incentive to sell.
Furthermore, analyst Ted highlighted that Ethereum is attempting to break above the $2,400 resistance zone. He suggested that a successful breakout could open the door for a move toward the $2,500 to $2,600 range, aligning with broader expectations of a gradual recovery if momentum persists.
At press time, ETH was trading at $2,317, reflecting a 1.31% surge in the past 24 hours.