Ethereum market shows signs of capitulation, and analysts are divided on its future trend.

PANews reported on February 10th that, according to Cointelegraph, Ethereum's MVRV Z-Score has fallen to -0.42, entering a zone typically considered a market capitulation, but analysts disagree on whether its price is nearing a bottom. This indicator compares market capitalization with realized value to assess whether an asset is overvalued or undervalued. CryptoQuant analyst Joao Wedson pointed out that the current value shows Ethereum is in a clear capitulation process, but the intensity is far less than the historical extremes of December 2018 (-0.76) and the 2022 bear market bottom. He warned that the market may still have further downside potential before forming a structural bottom. Tim Sun, a senior researcher at HashKey Group, stated that although Ethereum's fundamentals have not deteriorated and continue to improve, the price still faces downside risks due to the lingering downward drivers and potential liquidity pressures from the April tax season.

Some analysts hold a more optimistic view. Michaël van de Poppe, founder of MN Fund, believes that Ethereum's current valuation is similar to historical lows such as the crash in April 2025 and the bottom after the Terra/Luna crash in June 2022, providing a clear buying opportunity. Andri Fauzan Adziima, head of research at Bitrue, also points out that the negative MVRV region has appeared many times in past cycles before explosive recovery, and the current period may be a window of long-term accumulation.