It's vastly over-valued for where the tech is. It's about to make a huge, unpredictable changes from PoW to PoS. It's willing to fork to return money to people when a smart contract functions PROPERLY and is NOT HACKED. It's only highly valued currently because it's the bubble-machine-token for ICOs. Transactions are overpriced. It is not decentralized. 80% (could be way off) of it is held by the Eth foundation. $500 is a huge round number and obvious psychological market resistance. You can currently mine it for about $23 profit, per day, at 100 M/hash. Etc.

PS - I like Ethereum a lot, but not at $500.