Ethereum's Recent Slump May Be Over, Says Steno Research

A report from Steno Research on Thursday suggests that Ethereum's (ETH) recent period of underperformance may be coming to an end. The report argues that ETH could be poised for significant gains, both against fiat currencies and against Bitcoin.

The report points to the previous altcoin season, where ETH saw a massive surge, with the ETH/BTC pair doubling in value in less than two months. This surge was fueled by an explosion in on-chain activity, including the rise of decentralized finance (DeFi), stablecoin issuance, and non-fungible tokens (NFTs), all of which primarily took place on the Ethereum blockchain.

The recent interest rate cut by the Federal Reserve earlier this week is expected to lead to increased on-chain activity, which could significantly benefit Ethereum.