🔷 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 reverted to 2020 levels (0.13).

✅ The number of active addresses on the network reached a record 13.6 million (+74% in a 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 entered the undervaluation zone — this is often where reversals start.

✅ NUPL has fallen 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 in the red.

✅ 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 overestimated fear — and this is an opportunity for those thinking long-term.