10x Research (@10xResearch)

Ethereum has climbed roughly 12% over the past 30 days, posting nine consecutive days of gains to reclaim the $1,900 level after bottoming near $1,565 in late June. ETH remains well below its January high near $3,355, but the consistency of this move, steady, not spiky, suggests more than a one-off bounce. Ethereum (ETH-USDT is above the 7-day moving average -> bullish, and is above the 30-day moving average -> bullish, with 1 week change of +1%) ETH ETF recorded renewed positive net capital inflows alongside expanded corporate treasury holdings. Major financial institutions increased their deployment of tokenized assets and custom chains built on the network. Liquid supply tightened further as the percentage of total Ether locked in staking reached a new high. Migration to Layer-2 scaling solutions reduced base gas fees, slowing overall fee burning. Core developers advanced testnet trials for the Glamsterdam protocol upgrade. The question is whether this grind higher can continue or is due for a pause. Where do you see ETH heading from here? #Ethereum# #Crypto# #DigitalAssets# #MarketAnalysis#

The Narrative Collapsed and Ethereum Is Cheap. Is ETH finally a buy? The Ethereum options market is seeing unusually large put buying activity, with the $1,800 and $1,900 strikes attracting flows running approximately five times above normal levels. Since issuing our high-conviction short on May 16, 2026, Ethereum has declined 10%. But our bearish thesis predates that call. On October 31, 2025, with ETH trading at $3,800, we identified Ethereum as the smarter hedge. Prices have since fallen 47% (see also our interview from November). The thesis was always fundamental. The market is simply catching up. In early April 2026, with Ethereum trading near $2,000, we revisited our fundamental view, examining whether the conditions for a buy had emerged and what the real structural issues were. Today, we return to that question. Ethereum is cheap. But cheap is not the same as a buying opportunity. Fundamentals ultimately determine price; marketing narratives can only sustain a divergence for so long before reality reasserts itself. We have seen that cycle play out once already. So what has changed? Let us approach Ethereum from a different angle entirely. See our full report below.