I just noticed an interesting signal in the data chain — the Z-Score index for Ethereum has dropped to -0.42, which usually indicates a mass sell-off zone. The current ETH price is around $2.32k with a market capitalization of $279 billion. But here’s the catch — the market clearly disagrees, whether we are approaching the bottom or not.

Some traders look at historical Z-Score levels from 2018 and 2022 ( where it was around -0.76 ) and say that Ethereum still has room to fall. They argue that current indicators are still far from the extreme. In this sense, the Z-Score index shows that the market may still be undervalued.

On the other hand, others point to fundamental metrics — network activity isn’t declining, the protocol is developing, and the ecosystem is strengthening. Looking at these metrics, it seems the bottom might already be behind us. Opinions are truly divided.

Maybe this is exactly the moment to pay closer attention to the situation. The Z-Score and other indicators give mixed signals, but this could be an interesting window of opportunity.