According to BlockBeats, on September 20, Steno Research pointed out in its latest report that Ethereum (ETH)'s recent poor performance may have ended. Whether it is the fiat currency exchange rate or the BTC exchange rate, ETH is expected to strengthen again.

The report analyzed that in the last round of altcoin season, the ETH/BTC exchange rate doubled in less than two months, mainly driven by a surge in on-chain activities. The prosperity of decentralized finance (DeFi), stablecoin issuance and non-fungible tokens (NFTs) are all concentrated on the Ethereum blockchain.

In addition, the Federal Reserve's decision to cut interest rates earlier this week is expected to further stimulate on-chain activities, which is extremely beneficial to Ethereum.