Ethereum (ETH)'s recent underperformance may be over, and ETH may shine again, both in terms of fiat and BTC exchange rates, Steno Research said in a report on Thursday. The report pointed out that ETH rose sharply during the last round of altcoin season, and the ETH/BTC exchange rate rose more than 1 times in less than two months. This shift was triggered by a surge in on-chain activity, including decentralized finance (DeFi), stablecoin issuance, and the boom of non-fungible tokens (NFTs), all of which occurred mainly on the Ethereum blockchain. The increase in on-chain activity caused by the Federal Reserve's interest rate cut earlier this week will greatly benefit Ethereum. (Coindesk)