Finbold says ETH remains deeply undervalued on rainbow chart, sees $3,300 by late November

Ethereum is trading below the lower bound of the undervalued zone on the rainbow chart and could rise to $2,800-$3,300 by late November if it regains momentum, Finbold said. The rainbow chart is a valuation model that analyzes an asset’s historical price moves on a logarithmic scale, divides price ranges into multiple color-coded bands, and interprets those bands as market psychology stages such as undervalued, accumulation, holding, and overheated conditions. Finbold said ETH was trading near $2,595, around the upper boundary of the chart’s "Accumulate" zone. The outlet added this suggests ETH remains far from an overheated phase and makes a late-November target range of $2,800-$3,300 reasonable. It also said a stronger uptrend could push ETH toward about $3,900, the lower boundary of the "Still Cheap" zone, although that would require sustained inflows into spot ETH ETFs, increased network activity, and growth in the tokenized real-world asset market.