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Fidelity: Multiple on-chain indicators for Ethereum suggest that ETH is "undervalued".
Fidelity Digital Assets reported that multiple Ethereum on-chain metrics indicate that ETH is "trading at an undervalued price," Gold Finance reported. The report noted that the MVRV Z-Score fell to -0.18 on March 9, entering the "undervalued" zone, showing that Ethereum "looks cheap"; NUPL also fell to 0, indicating that the market is in a state of "capitulation". In addition, the realization price of ETH is $2,020, which is 10% higher than the current price. The ETH/BTC market cap ratio fell to mid-2020 levels. At the same time, Ethereum's Layer-2 active addresses reached an all-time high of 13.6 million, indicating that its scalability and adoption continue to rise.