Can an ETF be overvalued?

Could you please elaborate on the possibility of an Exchange Traded Fund (ETF) being overvalued? I'm particularly interested in understanding how this could occur, given that ETFs are designed to track the performance of an underlying asset or index. Could you also discuss the potential consequences of an ETF being overvalued, and how investors might recognize such a situation? Additionally, I'm curious about any indicators or metrics that could help investors assess the valuation of an ETF and avoid investing in one that's potentially overvalued. Thank you for your insights.