Ethereum (ETH) May Be Poised for a Surge:

According to Steno Research in a report released Thursday, Ethereum's recent slump could be coming to an end. The report suggests that ETH is poised for a significant upswing, both in terms of its fiat currency value and its Bitcoin (BTC) exchange rate.

The report points to the previous altcoin season, during which ETH experienced a massive surge. In less than two months, the ETH/BTC exchange rate doubled. This surge was fueled by a surge in on-chain activity, including the proliferation of decentralized finance (DeFi), stablecoin issuance, and non-fungible tokens (NFTs), all of which primarily took place on the Ethereum blockchain.

The report highlights that the recent Federal Reserve rate cut could lead to increased on-chain activity, further boosting Ethereum's prospects.