Ether Poised for Strong Performance, Says Steno Research Report

Ether, the native cryptocurrency of the Ethereum network, has been underperforming against the broader crypto market this year, with only an 8% gain compared to Bitcoin’s 40%. However, a new report by Steno Research suggests that ether may be on the brink of a significant rally.

During the last bull market, Ethereum saw a massive surge in value driven by increased onchain activity from decentralized finance (DeFi) applications, stablecoin issuance, and non-fungible tokens (NFTs). According to Steno Research analyst Mads Eberhardt, the recent Federal Reserve interest-rate cut is expected to boost onchain activity even further, particularly benefiting Ethereum.

“Ethereum’s active addresses remain strong, especially with the growing adoption of rollups,” Eberhardt noted in the report. He also highlighted that the network’s transactional revenue appears to have hit a bottom in August, indicating a potential turnaround in performance.

With these factors in play, Steno Research believes that ether could be gearing up for a period of significant growth. The report points to the strong fundamentals of the Ethereum network and the ongoing development in the ecosystem as key drivers for a potential rally in the price of ether.

Investors and traders in the crypto market are closely watching Ethereum’s performance, as a resurgence in ether could have a ripple effect on the broader market. If the predictions in the Steno Research report hold true, we could see ether shine brightly in the coming weeks and months.