ETH's low price isn't a buy signal, says 10X Research

While ETH is currently trading in an undervalued range, its low price does not necessarily signal a buying opportunity, 10X Research reported. The firm noted that bearish bets are expanding in the Ethereum options market, with put options at strike prices of $1,800 and $1,900 seeing inflows about five times larger than usual. 10X Research stated it has maintained a bearish outlook since last October, when ETH was trading at $3,800, due to deteriorating fundamentals. The price of ETH has since fallen by approximately 47%. The firm concluded that a low price alone does not make an investment attractive, emphasizing that fundamentals ultimately determine price, whereas marketing-driven narratives create a disconnect from reality.