I am not going to comment on the under valued bit, it could be true for all I know. My 2 cents, It appears that ether along with the other cryptocurrencies are

I am not going to comment on the under valued bit, it could be true for all I know. My 2 cents, It appears that ether along with the other cryptocurrencies are behaving like speculative assets, move in the same general direction as stocks do. Thus I think cryptocurrencies make a bad recession hedge. Additionally the inflation seems to me to be driven by the covid-19 crash recovery. The fear in the markets again seems to me to be that measures to contain inflation are going to harm the recovery and put us in a recession. As such in case the recession does come, I would expect it to come along with lower inflation.