10x Research: The battle between Ethereum's recovery and its structural weakness intensifies, a turning point may come soon

Jinse Finance reports that 10x Research analyzed on X, pointing out that Ethereum has basically been in a "non-yielding asset" state over the past five years, with its price lingering around the $2,000 level for a long period. Since November 2025, they have maintained a cautious or even bearish view, mainly due to continuously sluggish on-chain activity, which has limited demand and the asset’s value capture capability. As ETH has retraced about 57% from its August 2025 high, its current valuation now appears relatively inexpensive, making it more attractive compared with Bitcoin, which only fell about 42% over the same period.Moreover, although Ethereum treasury firms including Bitmine still show paper losses, the market continues to accumulate. Meanwhile, the issuance of Tether (USDT) on Ethereum has recently surpassed that on Tron, reigniting expectations that Ethereum could benefit from stablecoin growth and potentially become a key layer for on-chain finance and Wall Street infrastructure. Against this backdrop, Ethereum is at a crucial juncture—the market is watching closely to see whether a recovery is imminent or if structural headwinds will persist.