Ethereum’s ‘capitulation’ suggests ETH price is undervalued: Fidelity report

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Coin Telegraph 16h ago

Ethereum’s ‘capitulation’ suggests ETH price is undervalued: Fidelity report - Coin Telegraph

Quick Summary:

While this trend is bearish, the firm noted that a minor 3% drop in realized price versus a 45% decline suggests short-term holders sold off, while long-term holders held firm, possibly stabilizing the base price. However, the company highlighted that in 2022, despite ETH price dipping below the realized price, it continued to decline further before recovery. Fidelity also cited Ethereum’s market cap ratio to Bitcoin at 0.13, sitting at mid-2020 levels, and in a decline for 30 months.

Source: Fidelity Digital Assets Signals reportRelated: Ethereum price has several reasons to break $2,000 nextEthereum ecosystem engagement records fresh highsData from growthepie.xyz indicated that the number of unique addresses interacting with one or two layer 2 networks in the Ethereum ecosystem reached a new all-time high of 13.6 million active addresses.

Historically, such levels have marked market bottoms, indicating that Ether “was looking cheap” compared to its “fair value.” The Net Unrealized Profit/Loss (NUPL) ratio also fell to 0, indicating "capitulation," where unrealized profits equal losses, citing a neutral spot for holders. Ethereum MVRV Z-score.