On September 20th, Steno Research released a report stating that Ethereum's (ETH) recent underperformance phase may have ended, and ETH could potentially shine again, both in terms of fiat exchange rates and BTC exchange rates.

The report highlighted that in the previous altcoin season, ETH experienced a significant surge, with the ETH/BTC rate more than doubling in less than two months. This shift was driven by a surge in on-chain activity, including the boom in decentralized finance (DeFi), stablecoin issuance, and non-fungible tokens (NFTs), all primarily occurring on the Ethereum blockchain. The recent Fed rate cut earlier this week is expected to lead to increased on-chain activity, which will significantly benefit Ethereum.