Fidelity suggests Ethereum's (ETH) Q1 underperformance may present a strategic buying opportunity for investors. Their analysis points to positive on-chain indicators hinting at a potential ETH rebound. According to Fidelity's report, the MVRV-Z score indicates that ETH is entering undervalued territory. The Net Unrealized Profit/Loss (NUPL) indicator also shows negative values, suggesting a capitulation zone, which historically precedes price recovery. Furthermore, the number of active Ethereum Layer 2 addresses has reached a record high of 13.6 million. This surge in Layer 2 activity highlights increasing network usage and potential for future growth. These factors combined support a bullish outlook for Ethereum despite recent price stagnation, making it an attractive investment for those looking to capitalize on long-term potential. ```

#ETH