According to CoinMeta, analyst Joao Wedson indicates that Ethereum (ETH) is entering an interesting valuation range in history. Two major long-term indicators have now turned negative: the MVRV Z score is -0.14, indicating that the trading valuation of ETH is deeply compressed relative to its realized value, and the delta growth rate is -0.07, showing that the growth of market capitalization is weaker than the growth of realized market value, suggesting that value accumulation on the chain is superior to speculative price increases. When both indicators are negative, similar situations in history have been more often associated with accumulation and low valuations, rather than market frenzy. Although this does not mean that ETH has reached its final bottom, behind the weak prices, Ethereum's valuation structure is becoming increasingly attractive. The market remains bearish, but the fundamentals of valuation are starting to convey a different story.