{"id":94117,"date":"2026-02-10T11:36:54","date_gmt":"2026-02-10T08:36:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94117"},"modified":"2026-02-10T11:42:21","modified_gmt":"2026-02-10T08:42:21","slug":"analysts-spar-over-whether-ethereum-has-found-a-bottom","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/analysts-spar-over-whether-ethereum-has-found-a-bottom\/","title":{"rendered":"Analysts spar over whether Ethereum has found a bottom"},"content":{"rendered":"<p>The second-largest cryptocurrency is in a capitulation phase, though selling intensity remains below the bear-market lows of 2018 and 2022, said Alphractal founder Joao Wedson.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Ethereum MVRV Z-Score is in the capitulation zone \ud83d\udd34<\/p>\n<p>The most recent low was -0.42.<br \/>The lowest value in history was -0.76, recorded in December 2018.<\/p>\n<p>This shows that Ethereum is indeed going through a clear capitulation process.<br \/>However, it is important to be honest with the\u2026 <a href=\"https:\/\/t.co\/9hFx7AxDKz\">pic.twitter.com\/9hFx7AxDKz<\/a><\/p>\n<p>\u2014 Joao Wedson (@joao_wedson) <a href=\"https:\/\/twitter.com\/joao_wedson\/status\/2020929725460291838?ref_src=twsrc%5Etfw\">February 9, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the analyst, the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-mvrv-indicator\">MVRV Z-Score<\/a> has fallen to -0.42. The all-time low of -0.76 was recorded in December 2018.<\/p>\n<p>Wedson cautioned that declines may continue until a definitive structural bottom forms.<\/p>\n<p>HashKey Group senior researcher Tim San also <a href=\"https:\/\/cointelegraph.com\/news\/technical-indicator-is-ether-going-through-capitulation\">argues<\/a> it is premature to call an end to the correction. Network fundamentals are improving, but external forces remain a headwind. A potential liquidity squeeze ahead of the April tax season is a significant risk.<\/p>\n<p>By contrast, MN Trading founder Micha\u00ebl van de Poppe called the current setup \u201ca tremendous opportunity\u201d.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I think that this is a tremendous opportunity to be looking at <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>.<\/p>\n<p>The core reason for this is that there&#8217;s a massive gap to the &#8216;fair price&#8217;. <\/p>\n<p>The current valuation of <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> is just as underpriced (based on the MVRV ratio) as during the following periods:<br \/>\u2014 April &#8217;25 crash.<br \/>-\u2026 <a href=\"https:\/\/t.co\/BfDW6V8MeK\">pic.twitter.com\/BfDW6V8MeK<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/2020948063246766526?ref_src=twsrc%5Etfw\">February 9, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He said the gap between market and \u201cfair\u201d value for ETH is now large. The current undervaluation is comparable to levels during the <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">Terra collapse<\/a> and the Covid-19 market crash in March 2020.<\/p>\n<p>Bitrue lead researcher Andri Fauzan Adziima added that negative MVRV readings have historically preceded explosive rebounds. He called the current moment an excellent chance for long-term accumulation.<\/p>\n<p>At the time of writing, the second-largest cryptocurrency trades at $2,007 (down 3% on the day).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"658\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-014068ebddd8feda-5928747931969581-1024x658.png\" alt=\"ETHUSDT_2026-02-10_11-10-33\" class=\"wp-image-274912\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-014068ebddd8feda-5928747931969581-1024x658.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-014068ebddd8feda-5928747931969581-300x193.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-014068ebddd8feda-5928747931969581-768x494.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-014068ebddd8feda-5928747931969581.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute ETH\/USDT chart on Binance. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3AETHUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">BitMine\u2019s purchases<\/h2>\n<p>BitMine Immersion Technologies bought an additional 40,000 ETH worth about $83.6m. According to Arkham Intelligence, the firm received 20,000 ETH from FalconX.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"344\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-cecfba3379daeb0e-5928774863070698-1024x344.png\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-02-10 111357\" class=\"wp-image-274913\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-cecfba3379daeb0e-5928774863070698-1024x344.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-cecfba3379daeb0e-5928774863070698-300x101.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-cecfba3379daeb0e-5928774863070698-768x258.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-cecfba3379daeb0e-5928774863070698.png 1419w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/intel.arkm.com\/explorer\/tx\/0x9f84bf02de53977d1d7d322cd5c46cc7834f0abf62ad825b56b9c90fcdde32b0\">Arkham<\/a>.<\/figcaption><\/figure>\n<p>Lookonchain analysts also recorded a similar-sized purchase via custodian BitGo. The trades were executed around $2,090.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It seems that Tom Lee(<a href=\"https:\/\/twitter.com\/fundstrat?ref_src=twsrc%5Etfw\">@fundstrat<\/a>)&#8217;s <a href=\"https:\/\/twitter.com\/hashtag\/Bitmine?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitmine<\/a> bought another 20,000 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($42.3M) from BitGo 7 hours ago.<\/p>\n<p>Today alone, it has bought 40,000 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($83.4M).<a href=\"https:\/\/t.co\/cY4jpzYpQu\">https:\/\/t.co\/cY4jpzYpQu<\/a> <a href=\"https:\/\/t.co\/YNTMDgdo3h\">pic.twitter.com\/YNTMDgdo3h<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/2021033637723209828?ref_src=twsrc%5Etfw\">February 10, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Including the 40,613 ETH bought last week, BitMine\u2019s total reserves exceeded 4.36m coins. The company <a href=\"https:\/\/www.prnewswire.com\/news-releases\/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-4-326-million-tokens-and-total-crypto-and-total-cash-holdings-of-10-0-billion-302682272.html\">said<\/a> it has completed 72% of its plan to accumulate 5% of ether\u2019s market supply.<\/p>\n<p>BitMine chairman Tom Lee called current levels attractive for entry. In his view, ETH\u2019s price does not reflect the network\u2019s real utility or its future role in finance.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The best investment opportunities appear after markets fall. We continue to buy Ethereum as the fundamentals strengthen,&#8221; Lee said.<\/em><\/p>\n<\/blockquote>\n<p>Earlier, the executive <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-slumps-to-its-lowest-since-november-2024\">urged<\/a> investors to ignore the company\u2019s $6.9bn in unrealised losses, calling them an expected part of a long-term strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is in capitulation, but selling pressure remains below the 2018 and 2022 lows, Joao Wedson said.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Analysts split on whether Ethereum has bottomed as MVRV dips; BitMine adds 40,000 ETH.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,46,1138,919],"class_list":["post-94117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-ethereum","tag-opinions","tag-tom-lee"],"aioseo_notices":[],"amp_enabled":true,"views":"140","promo_type":"1","layout_type":"1","short_excerpt":"Analysts split on whether Ethereum has bottomed as MVRV dips; BitMine adds 40,000 ETH.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=94117"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94117\/revisions"}],"predecessor-version":[{"id":94118,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94117\/revisions\/94118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=94117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=94117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=94117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}