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Is it now bullish time for Ethereum (ETH)? Fidelity has announced!
The second largest cryptocurrency by market capitalization, Ethereum (ETH), continues to lag behind Bitcoin with its weak performance.
Bitcoin (BTC) while breaking records, ETH could not keep up with the rising momentum in BTC and continually declined against Bitcoin.
While it is expected that ETH will make an attack like Bitcoin and surpass its ATH from 2021 to reach new record levels, Fidelity published a comprehensive report on Ethereum.
One of the giants of the sector, Fidelity noted that Ethereum is undervalued and interpreted the weakness of ETH in the first quarter as a buying opportunity.
Fidelity Digital Assets stated that many on-chain metrics indicate that the ETH price has bottomed out and is trading below its value.
Ethereum had a challenging first quarter, dropping 45% from its peak of $3,579 in January. ETH also formed a death cross in March, which is traditionally a bearish technical signal.
However, Fidelity stated that Ethereum is showing signs of an upward trend despite the short-term troubled days.
Despite multiple on-chain indicators, we maintain our optimism for Ethereum in the medium to long term.
On March 9, the MVRV Z-Score, which compares market value to realized value, fell to -0.18 and entered the undervalued region.
Historically, these levels indicated market bottoms and potential buying opportunities, suggesting that Ethereum is undervalued compared to its fair value.
The Net Unrealized Profit/Loss (NUPL) ratio has also dropped to 0, indicating that unrealized profits are equal to losses, showing that a large portion of investors are holding ETH at a loss. This is often another sign associated with market capitulation and potential bottoms related to weak hands selling.
Fidelity noted that the data indicated a bottom and upward signal for Ethereum; however, it also warned that past trends suggested that further declines were possible before a recovery.