**Was chatting with AI about fair price of ETH as for real business. ** So looked like below 2k looks nice buy. 1500-1800 best buy if u believe in ETH

Attaching some graphs of onchain realised price by holders and avg cost basis and how oversold others tokens are.

Only old whales with ETH $1200 price holdings and the $1900 price guys are in profits lol

Also interesting one: if ETH wanna reach $11k it needs $51b revenue and kill L2.

**In 2025 it had ≈$7b revenue**

Also as to The Price-to-Sales (P/S) ratio which is the cleanest business valuation metric. The full ecosystem revenue ($7.3B), the P/S ~**33x** closer to a high-growth tech company. Mastercard got 24x lol. **ETH is expensive as hell and needs profits

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**ETH business model by VanEck**

Ethereum functions as a fee-generating infrastructure business. VanEck published a DCF-based methodology treating Ethereum like a tech company, assessing transaction fees, MEV revenue, and “Security as a Service”.

• Revenue = gas fees + MEV + staking yield to validators

• Bear case fair value: $1,500–$1,800 (minimal adoption)

• Base case fair value: $2,200–$2,800 (current trajectory)

• Bull case fair value: $5,000–$11,000 (global settlement layer scenario)

At ~$2,010, ETH is currently trading at or below its base-case fair value by most DCF and on-chain models.

VanEck’s DCF model estimates ETH reaches $11,800 by 2030 only if network revenue grows to $51B ($7B in 2025) with 70% market share — that requires solving the L2 revenue capture problem first.