Analysis: ETH not yet a buy as rebound signals are absent

While Ethereum (ETH) has entered an attractive price range from a valuation standpoint, it is not yet an opportune time to buy as there are no clear signs of a rebound, according to a recent report from 10x Research. The report notes that although ETH has reached the previously identified support zone of $2,700-$2,800, forced unwinding of positions by ETF holders continues and distinct recovery signals have not yet emerged. The analysis further points out that the recent downturn has caused the total cryptocurrency market capitalization to fall by approximately 30%, leading to expanded valuation losses for firms with digital asset treasury strategies (DATs). As a notable example, Bitmine is facing an unrealized loss of around $4 billion on its ETH holdings just four months after its accumulation. The market has moved in the opposite direction since Bitmine purchased a total of $5.5 billion in ETH by mid-August. 10x Research concluded that the market remains unstable and a period of heightened volatility is expected to continue until a clear trend reversal is confirmed.