‘Ethereum is Exponentially Overvalued’: Bitcoin Maximalist Samson Mow Takes Dig at Ethereum Price!

Samson Mow, CEO of JAN3 and staunch Bitcoin proponent, has set the market abuzz with his new critical analysis of the Ethereum price. Through a post on X, Mow claimed that Ethereum, the second-largest cryptocurrency, is “exponentially overvalued”. Mow’s remarks come as Bitcoin shows an impressive recovery from the Black Monday crash. He also pointed out that the profitability and valuation gap between the top two cryptocurrencies is widening. 

Bitcoin Vs. Ethereum: Meteoric Rise vs Extended Stagnation

In recent years, Bitcoin has outperformed Ethereum in every aspect. Bitcoin has skyrocketed by 270% since August 2022. It now trades at an impressive $82,000. On the other hand, Ethereum has barely moved, currently trading in the $1,500s. This price is almost the same as its $1,600 price from 2022. This stark difference in the price performance was noted by Mow in his argument that Ethereum’s valuation does not align with its fundamentals.

‘60% Minted Out Of Thin Air’

Mow highlighted that Ethereum’s supply dynamics are a key issue. Bitcoin’s capped supply of 21 million coins is central to its scarcity-driven value proposition. Ethereum’s circulating supply is 122 million tokens. Out of these, 72 million were premined at launch. This practice of premining has been the subject of long-standing criticisms by crypto purists. Mow even suggested that if Ethereum had a supply close to Bitcoin’s 21 million, ETH would be worth $9,300 right now. 

#Ethereum is overvalued.

1 BTC = $21.5k
1 ETH = $1.6k

21M BTC supply (actually less)
122M ETH supply (72M premined)

Adjusted for unit bias (ETH price at 21M units) one ETH would be $9.3k.

So some people are paying $9.3k per unit of something that’s 60% printed from thin air.

— Samson Mow (@Excellion) August 23, 2022

The Long-Standing Bitcoin vs. Ethereum Feud

This isn’t Mow’s first contribution to the Bitcoin vs. Ethereum debate. The Bitcoin advocate has urged investors before to abandon Ethereum and invest in Bitcoin. He has previously predicted dire outcomes for ETH holders. Bitcoin’s profitability has been far better than Ethereum’s in the past two years. Mow’s criticisms show the sentimental divide between Bitcoin maximalists and Ethereum supporters. 

As the debate continues, Ethereum has hit a multi-year low of $1,400 recently. This downturn came amid the U.S.-China trade wars. However, with the announcement of the tariff pause by Donald Trump, Ethereum rebounded to $1,600 again. Let’s take a look at the Ethereum price chart to understand what’s happening and predict the action for the coming days.

Ethereum Price Analysis: Ethereum Consolidates Near $1,550

Ethereum started trading yesterday at $1,520. For the rest of the day, it has continued to show strict range-bound behavior. A slight uptrend formed early in the day with a golden cross on the MACD at 1:10 UTC. This led Ethereum to go on a slow uptrend, all the way up to $1,577. However, with its advances towards the resistance, the RSI would go to near-overbought levels, and a slow downtrend would follow. This continued for the entire day. At 17:30 UTC, Ethereum went on to touch the $1,588 resistance. 

Chart 1: published on TradingView, April 12, 2025 

With the RSI now overbought, a downtrend followed, but the Ethereum price established a higher support at $1,546. Ethereum went on to test this support a few times in the course of the day. It is worth noting that the RSI reacts quickly to any upward pressure, which makes it difficult for the Ethereum price to break out. Right after the downtrend, oversold conditions prevailed.

ETH Price Prediction: Is the ETH Breakout Coming Today? 

As of now, Ethereum has formed an uptrend within the range, but it is worth noting that the RSI is overbought. Ethereum has not even tested the resistance yet. Given that, Ethereum looks set to return to the support level in the coming hours. However, if buying pressure persists, Ethereum may have an upward breakout. But with the market refusing to buy Ethereum at a higher price, a deep correction may occur.