Just checked the ETH rainbow chart again and it's interesting where Ethereum is sitting right now. At around $2.19K, we're actually in that 'Still Cheap' band which spans roughly $2,577 to $3,652. A few months back we were closer to $2,895, so there's been some pullback, but the rainbow chart framework still suggests we're not deeply undervalued anymore compared to the long-term trend.

For context on how this rainbow chart works: it plots ETH on a logarithmic scale against these colored valuation bands that represent different market cycles. The lower bands like 'Fire Sale' ($994-$1,340) show extreme pessimism, while 'Undervalued' ($1,340-$1,843) signals discounted prices. The 'Accumulate' band ($1,843-$2,577) is where smart money has historically loaded up. We're now in 'Still Cheap' territory, meaning there's room to move but we're not getting the crazy discount we saw at lower levels.

If momentum stabilizes and we drift into the 'Steady' band ($3,652-$5,252), that would suggest ETH trading in the low-to-mid $3,000 range according to the ETH rainbow chart trajectory. Higher up you've got the 'HODL' band ($5,252-$7,615) which signals stronger bullish momentum, then the increasingly stretched zones like 'Is This the Flippening?' and eventually 'Maximum Bubble Territory' at the top.

The key thing about this rainbow chart is it's not predicting exact prices but showing where Ethereum sits relative to its historical growth curve. It factors in adoption cycles, volatility, and diminishing returns across these bands. So where do you think ETH heads from here within the chart's framework?