Background Information: The current price of Ethereum (ETH) may be undervalued, particularly in the context of the stablecoin market, which is expected to surge to $3.7 trillion by 2030. Fundstrat's chief analyst Tom Lee analyzed the potential value of ETH based on U.S. Treasury Secretary Scott Bessent's proposed 15-fold growth target for the stablecoin market.

Key Events:
- Despite the passage of the GENIUS Act this week, the ETH price did not show a significant response; instead, Circle's CRCL and Coinbase's COIN saw significant price increases.
- Stablecoins account for about 30% of Ethereum network fees. In the past 30 days, Circle and Tether contributed over $700 million in network fees, with the top three fee contributors all being stablecoin issuers.
- Ethereum's current MVRV Z-score is 0.4, indicating that ETH is relatively cheap and has significant upside potential. Historical trends suggest that ETH price could reach $4,000 or even higher.

Potential Impact: The explosive growth of the stablecoin market will lead to a significant increase in Ethereum network fees, potentially driving up the price of ETH. The current price level provides investors with a potential buying opportunity.

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