🔷 Ethereum may be undervalued
According to Fidelity, on-chain metrics indicate that the asset is undervalued, and this could be a good buying opportunity.
✅ The BTC/ETH ratio has pulled back to 2020 levels (0.13).
✅ The number of active addresses on the network is a record 13.6 million (+74% over the week).
✅ After a 45% drop at the beginning of the year and the formation of a "death cross", signs of recovery are appearing.
✅ The MVRV Z-Score indicator has moved into the undervalued zone — this is often where reversals begin.
✅ NUPL has dropped to zero: the market is in a capitulation phase.
✅ The average purchase price of ETH is $2020, still above the current price — most holders are at a loss.
✅ Short-term holders are selling the asset, while long-term holders continue to hold — this could stabilize the price.
Fidelity believes that the market has overvalued fear — and this is an opportunity for those thinking long-term.