🔷 Ethereum may be undervalued

✅ The BTC/ETH ratio has rolled back to 2020 levels (0.13).

✅ The number of active addresses in the network is a record 13.6 million (+74% for the week).

✅ After falling 45% at the beginning of the year and forming a "death cross", signs of recovery are emerging.

✅ The MVRV Z-Score indicator went into the undervalued zone - so often reversals started.

✅ NUPL has fallen to zero: the market is in the capitulation phase.

✅ The average ETH purchase price is $2020, still above the current price - most holdings are in the negative.

✅ Short-term holders are draining the asset while long-term holders continue to hold - this could stabilize the price.

Fidelity believes the market has overestimated fear - and this is a chance for those who are forward thinking.