Steno Research: ETH will end its decline, interest rate cuts will lead to a surge in on-chain activities, which is good for Ethereum

BlockBeats news, September 20, Steno Research said in a report on Thursday that Ethereum (ETH)'s recent poor performance may be over, whether from the perspective of fiat currency exchange rate or BTC exchange rate, ETH may shine again.

The report pointed out that in the last round of altcoin season, ETH rose sharply, and the ETH/BTC exchange rate rose by 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 prosperity of non-fungible tokens (NFTs), all of which occurred mainly on the Ethereum blockchain. The Fed's interest rate cut earlier this week will lead to an increase in on-chain activity, which will greatly benefit Ethereum.