A Fidelity Digital Assets analysis indicates that several on-chain indicators suggest that the price of #ETH has bottomed out and is undervalued. The investment firm highlighted that the MVRV Z-score, which compares market value with realized value, fell to -0.18, entering the undervaluation zone.

Historically, such levels have marked market bottoms, indicating that ETH appeared cheap compared to its fair value. The Net Unrealized Profit/Loss ratio also fell to 0, indicating capitulation, where unrealized gains equal losses, signaling a neutral point for holders.