Fidelity report suggests Ethereum may be undervalued

Fidelity Digital Assets' latest report indicates Ethereum (ETH) may be undervalued, citing multiple on-chain metrics such as the MVRV Z-Score and NUPL ratio showing signs of market capitulation. Despite a 45% price drop in Q1 2025, Ethereum’s layer-2 network activity hit a record 13.6 million active addresses, suggesting growing adoption. Fidelity notes cautious optimism but warns that past trends show further declines were possible before recovery, Cointelegraph reported.