Pseudonymous trader Pentoshi has made a surprising claim about ether's price: the cryptocurrency is trading near the same level it was nine years ago. Adjusted for inflation, Pentoshi says, ether is about 14% below its 2017 all-time high.
Who is Pentoshi?
Pentoshi is a well-known figure in crypto circles, though their real identity remains unknown. The trader regularly posts market analysis on social media, often focusing on Bitcoin and ether. Their latest statement caught attention because it suggests ether's nominal price hasn't moved much over nearly a decade.
The claim in detail
According to Pentoshi, ether's current price is roughly equal to what it was nine years ago. That means, in raw dollar terms, the asset has not appreciated. After factoring in inflation, the trader argues, ether's real value is actually 14% lower than its peak in 2017. The exact price levels Pentoshi is using aren't specified, but the implication is clear: long-term holders of ether have seen no nominal gain, and an inflation-adjusted loss compared to the 2017 high.
Inflation's impact
Inflation erodes purchasing power. If a price stays flat for years, the real value falls. Pentoshi's inflation adjustment likely uses a standard consumer price index, though the trader didn't disclose the exact method. Over the past nine years, cumulative inflation in major economies has been substantial, so even a static nominal price means a significant real decline. In ether's case, that decline is pegged at 14% from the 2017 peak.
What the numbers show
Ether launched in 2015 and quickly became the second-largest cryptocurrency by market cap. Its price history includes dramatic spikes and crashes. The 2017 bull run pushed ether to a then-record high, followed by a multi-year bear market. Recent years have seen new highs, but Pentoshi's claim suggests the current price is back to where it was around 2016. Whether that's accurate depends on the specific date and price used. Pentoshi did not provide a breakdown of the calculation.
Market reaction and lingering questions
So far, there has been no major price move following the statement. Crypto markets remain influenced by a range of factors, including regulatory news and macroeconomic trends. Pentoshi's analysis adds a long-term perspective that may give some investors pause. The claim also raises questions about ether's role as a store of value. If its price in nominal terms hasn't changed in nine years, that challenges the narrative of steady appreciation. Whether other traders will adopt Pentoshi's inflation-adjusted framing is unclear. For now, the statement stands as a provocative take on ether's performance. The accuracy of Pentoshi's inflation adjustment remains untested by mainstream financial metrics, leaving traders to decide for themselves.
