According to Crypto Rover, Ethereum ($ETH) is currently considered significantly undervalued based on market sentiment and comparative on-chain metrics (source: Crypto Rover, Twitter, May 8, 2025). For traders, this presents a potential accumulation opportunity, as on-chain data indicates increased wallet activity and a steady rise in ETH locked in DeFi protocols, suggesting strong underlying demand (source: Glassnode, May 2025). The continued growth of ETH 2.0 staking and Layer 2 adoption further supports a bullish outlook for Ethereum, which may lead to upward price momentum if these trends persist (source: Dune Analytics, May 2025). Traders should monitor support levels around $2,900 and resistance at $3,300, as breaking these levels could trigger significant volatility in the broader crypto market.