Steno Research, in a report released on Thursday, suggests that Ethereum's (ETH) recent underperformance may be coming to an end. The report argues that ETH could potentially see a significant resurgence, both in terms of its fiat exchange rate and its BTC pair.

The report highlights that during the previous altcoin season, ETH experienced a remarkable surge, with its ETH/BTC pair more than doubling within a period of less than two months. This shift was fueled by a surge in on-chain activity, including the booming decentralized finance (DeFi) sector, stablecoin issuance, and the emergence of non-fungible tokens (NFTs), all of which primarily took place on the Ethereum blockchain.

The report further suggests that the Federal Reserve's recent interest rate cut earlier this week could lead to increased on-chain activity, which would be highly beneficial for Ethereum.