Ethereum vs Bitcoin: Bitcoin Maximalists Claim ETH is Overvalued – Will ETH Surge to $1,680 or Fall Back to $1,380?

Ethereum is being questioned once again, especially with Bitcoin maximalists like Samson Mow calling their “ETH is overvalued” post “even after the crazy 270% increase of Bitcoin since January of 2022.” Mow, the CEO of JAN3, has been vocal and clear about the ETH price. He has publicly questioned whether the price reflects the real underlying fundamentals of the project. ETH has been mostly idle while Bitcoin continues its run – this is raising questions about the actual value of ETH. Both ETH and Bitcoin are dealing with uncertainty with regards to the macroeconomic environment, which makes the discussions surrounding Ethereum’s value all the more important.

Bitcoin Maximalists Challenge Ethereum’s Supply and Value

Mow’s criticism centers on Ethereum’s supply structure. He points to the fact that a massive portion of ETH was premined, leaving 72 million tokens in circulation before public mining even began. This high initial supply, Mow argues, skews the Ethereum valuation. He proposes ETH would be worth $9,300 now if there were only 21 million ETH, like Bitcoin. With Bitcoin climbing mightily, the gap between the two leading cryptocurrencies has widened, bolstering Mow’s views on how much ETH misaligns from fundamentals.

Global Events Continue to Impact ETH Price

Beyond Mow’s critique, ETH  has also been sensitive to external factors like global trade tensions. Due to these factors, ETH dropped to a multi-year low of $1,380 before quickly bouncing back to $1,680 after the U.S. announced a temporary tariff hold. This rapid price movement demonstrates that the broad global economy deeply affects ETH prices. With that in mind, let’s take a look at some price analyses to understand where ETH may be going next.

ETH Price Action Analysis of April 12th, 2025

The market began strongly, rising consistently inside an upward channel before peaking at $1,590, as shown on the ETH Price 5-minute chart. Even though that price rise was remarkable, it didn’t last long because ETH immediately fell back after encountering resistance, indicating that sellers are still defending that level. Since then, ETH prices have been fluctuating sideways between $1,540 and $1,580 as they continue to battle to break past the barrier level. Buyers have intervened several times to prevent the price from dropping much lower, and that $1,540 range has served as a stable floor. However, the upward momentum appears to have eased for the time being despite that support. 

Chart , Analyzed by Alokkp0608, published on April 12th, 2025

The RSI indicates powerful but brief bullish bursts because it has repeatedly entered the overbought zone during the session. Prior to the appearance of a golden cross on the MACD, there was a definite oversold dip that caused a respectable bounce. Momentum has been fluctuating ever since, with a succession of death and golden crosses taking place. With a rising histogram and a new golden cross, MACD is currently once again in favor of the bulls. Although caution is necessary because the RSI is back over 70, the rally may have additional legs if buyers maintain the pressure. 

Ethereum’s Bullish Potential Amidst Ongoing Criticism

While Ethereum faces ongoing criticism from figures like Bitcoin maximalist Samson Mow, who argue over ETH valuation, the current price action suggests positive momentum. Recent technical signals show potential for Ethereum upside. With strong support near $1,540 and a golden cross on the MACD, Ethereum is nearing the breaking point of resistance at $1,590. The price moving sideways recently shows the fight between buyers and sellers, but the bulls are still in control. Even with continued skepticism around Ethereum value, the ETH price outlook remains positive, and if buyers keep pushing for compression on the upside, another test of highs is possible in the future, in the face of bearish claims.