Fidelity Digital Assets’ latest report suggests that Ethereum (ETH) is undervalued based on multiple onchain metrics, with the BTC\/ETH market cap ratio at mid-2020 levels and Ethereum’s layer-2 active addresses hitting new highs at 13.6 million. The report indicates a cautiously optimistic outlook for Ethereum despite its Q1 performance, which saw a 45% dip, wiping out gains made after the US election peak at $3,579 in January. Fidelity noted that while the short-term outlook appeared bearish with a death cross in March, certain indicators hinted at a potential turnaround. The MVRV Z-Score dropped to -0.18, signaling undervaluation, historically indicating market bottoms. The Net Unrealized Profit\/Loss ratio fell to 0, suggesting a neutral position for holders. The realized price of ETH, averaging $2,020, remains 10% above its current value, indicating unrealized losses for holders. Despite this, long-term holders seem to be holding firm, possibly stabilizing the base price. Fidelity also highlighted Ethereum’s market cap ratio to Bitcoin, which is at 0.13, reaching mid-2020 levels. Additionally, engagement within the Ethereum ecosystem hit a new high of 13.6 million active addresses interacting with layer 2 networks, showcasing scalability and adoption growth. Unichain, a new layer-2 protocol by Uniswap, led the engagement charge. An anonymous trader noted that ETH price has crossed above the 12-hour Ichimoku cloud indicator for the first time since December 2024, indicating a potential uptrend. This article serves informational purposes only and does not offer investment advice. Investors are advised to conduct their own research before making any financial decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Fidelity Digital Assets’ latest report suggests that Ethereum (ETH) is undervalued based on multiple onchain metrics, with the BTC\/ETH market cap ratio at mid-2020 levels and Ethereum’s layer-2 active addresses hitting new highs at 13.6 million. The report indicates a cautiously optimistic outlook for Ethereum despite its Q1 performance, which saw a 45% dip, wiping […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/119489"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=119489"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/119489\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=119489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=119489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=119489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}