Ethereum at $4,400 is still very undervalued.

Marketcap is the only useful way to compare cryptos with different circulating supply and right now Ethereum has 46.7% of the market cap compared to Bitcoin. At an ETH price of $4,671 (or 0.0807 BTC) the market cap would be exactly half that of Bitcoin based on Bitcoin current price.

Given all the services and capabilities on the Ethereum network compared to Bitcoin it is pretty conservative to say it is worth (in terms of marketcap) at least half that of Bitcoin. At Bitcoin's current price that would mean an ETH price of $4,671 (or 0.0807 BTC) so I don't think $4,400 is overvalued.

Ethereum also just went over the half trillion mark which is an important milestone. That was around the point when institutions really started taking a serious look at Bitcoin. It means a market large enough and deep enough to make large trades without disrupting it. So while Bitcoin certainly does have more institutional support today I think Ethereum will gain in relative institutional support going forward.

The "flippening" (when Ethereum passes Bitcoin in marketcap) would occur at an Ethereum price of roughly 0.16149 BTC or $9,343. Those numbers will change over time based on the price of Bitcoin and the relative rates of monetary inflation (minting) of the two chains but show that ETH still has a long way to run.