**[10x Research: Ethereum Recovery and Structural Weakness Intensify, Potential Turning Point Ahead]** Gold Finance reported that 10x Research posted an analysis on the X platform, stating that Ethereum has essentially been in a "non-yielding asset" state over the past five years, with its price hovering around the $2,000 level for an extended period. Since November 2025, they have maintained a cautious or even bearish outlook, primarily due to persistently low on-chain activity, which has limited demand and value capture capabilities. With ETH retreating approximately 57% from its August 2025 peak, its current valuation appears relatively cheap, making it more attractive compared to Bitcoin, which has only declined about 42% during the same period. Additionally, despite Ethereum treasury companies like Bitmine still facing paper losses, the market continues to accumulate. Meanwhile, the issuance volume of Tether ($USDT) on Ethereum has recently surpassed that on Tron, reigniting expectations that Ethereum could benefit from stablecoin growth and potentially become a critical layer for on-chain finance and Wall Street infrastructure. Against this backdrop, Ethereum is at a pivotal juncture. Whether it is on the verge of recovery or structural headwinds will persist remains a key point of focus.