Ethereum is currently trading near $3,000, significantly below its August peak of $4,900, according to CryptoQuant CEO Ki Young Ju. He noted that 10 out of 12 valuation models suggest Ethereum is undervalued, with a median fair value of $4,800, indicating a 59% undervaluation. Despite this, some metrics like the P/S ratio and revenue yield suggest overvaluation at $820 and $1,200, respectively. The upcoming Fusaka upgrade on December 3, which will increase gas limits and ETH burn rates, is anticipated to be a bullish catalyst. However, selling pressure from ICO-era whales, including a recent $120 million ETH withdrawal, could pose challenges to price recovery. Institutional inflows have shown signs of recovery, potentially supporting a rebound if sustained.