According to Steno Research, a "US Federal Reserve (Fed) rate cut will bring more on-chain activity and this may help the price of Ethereum (ETH)." The report explained that "during the last altcoin season, Ethereum was able to rally on the back of booming on-chain activity such as defi, stablecoin issuance and NFTs. ETH has also historically outperformed Bitcoin in sudden moves." ETH’s active addresses remain elevated and network transaction fees appear to have bottomed in August.