Fidelity: Multiple Ethereum On-Chain Indicators Suggest ETH is "Undervalued"

According to a report by Jinse, Fidelity Digital Assets states that multiple Ethereum on-chain indicators suggest ETH is “trading below its value.” The report highlights that the MVRV Z-Score dropped to -0.18 on March 9, entering the "undervalued" region, indicating that Ethereum “appears cheap”; NUPL also fell to 0, indicating the market is in a "capitulation" state. Additionally, ETH's realized price is $2,020, which is 10% higher than the current price. The ETH/BTC market cap ratio has dropped to mid-2020 levels. Meanwhile, active addresses on Ethereum Layer-2 have reached 13.6 million, a record high, indicating its scalability and adoption rate continue to rise.