Ethereum is trading far below its modeled “intrinsic value,” according to a 
live valuation dashboard launched by Hashed CEO Simon Kim. On ETHval 
(ethval.com), the current snapshot shows Ethereum at a spot price of $3,034.0 
while the reliability-weighted “Composite Fair Value” stands at $4,777.5, 
implying +57.8% upside versus the market. The median fair value across models 
is $4,026.68, or +33.8% above spot. The dashboard labels ETH “UNDERVALUED” and 
aggregates its eight models into five buy, one hold and two sell signals. How 
The Fair Value Of Ethereum Is Calculated Kim introduced the project on X with 
the explicit goal of shifting the discussion away from pure sentiment: “What 
is ETH actually worth? The crypto industry deserves better than price 
speculation. I built a dashboard to think about ETH’s intrinsic value with 8 
models… Far from perfect and open to feedback.” ETHval makes those models and 
their outputs fully visible, along with their individual reliability tags. 
Related Reading: Ethereum Price To Recover Or Crash? The Real ‘Leverage Point’ 
Investors Should Know About The tool’s central panel breaks out each 
valuation. The TVL Multiple model, which prices ETH off total value locked in 
DeFi using a 7× TVL-to-market-cap anchor, assigns a fair value of $4,026.6, 
judging ETH 32.7% undervalued (reliability: medium). A more conservative 
MC/TVL Fair Value mean-reversion model, treated as high reliability, lands at 
$3,453.1, only 13.8% above spot and classified as “fair.” Models that embed 
stronger network-effect or cash-flow claims are far more aggressive. The DCF 
(Staking) framework, which discounts an implied perpetual stream of staking 
rewards, values ETH at $9,101.9, indicating it is 200.0% undervalued. A high- 
reliability Metcalfe’s Law implementation, which scales value with TVL to the 
power of 1.5, is even more bullish at $9,585.9, or 216.8% above the current 
price. The Ethereum L2 ecosystem model, which adds twice the TVL of major 
rollups to Ethereum mainnet TVL before applying a multiple, generates a fair 
value of $4,640.0, implying 52.9% undervaluation, although ETHval marks this 
model’s reliability as low. A Staking Scarcity model, also low reliability and 
based on liquid-supply contraction, prices ETH at $3,538.2, or 16.6% 
undervalued. Related Reading: Ethereum Steadies Near $2,900 as Fed Rate-Cut 
Odds Fuel $3,400 Rebound Hopes Two income-style models push in the opposite 
direction and still receive high reliability scores. The P/E Ratio (25×) model 
treats annualized protocol fees as “earnings,” applies a 25× multiple and 
arrives at a fair value of only $957.4, reading ETH as 68.4% overvalued. The 
Revenue Yield model reverse-engineers price from a target protocol yield of 
2.5%; at current revenue levels it outputs $1,531.8, implying 49.5% 
overvaluation. To synthesize these conflicting signals, ETHval applies a 
disclosed weighting scheme: high-reliability models are multiplied by 9, 
medium by 5 and low by 2 when computing the $4,780.7 composite. That 
weighting, combined with the extreme upside implied by the DCF and Metcalfe 
models, is what drives the overall conclusion that Ethereum is strongly 
undervalued despite two respected frameworks pointing to downside. The 
dashboard itself stops short of making investment recommendations. Underneath 
the numbers, ETHval reiterates that the outputs are for reference only and 
that each model rests on explicit, debatable assumptions. But by fixing the 
current ETH price at $3,034.0 against a live fair-value band stretching from 
$957.4 on the bearish end to $9,585.9 on the most bullish, Kim’s site 
quantifies a debate that usually plays out in anecdotes and narratives—and, 
for now, that quantified view leans clearly toward Ethereum being undervalued. 
At press time, ETH traded at $3,029. Featured image created with DALL.E, chart 
from TradingView.com

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