Ethereum’s Rebound Anticipated as Interest Rates Drop
In its latest analysis released on Thursday, Steno Research has expressed optimism about Ethereum‘s prospects, indicating that the recent downtrend in ETH’s performance might be over. According to their findings, Ethereum is set to thrive again, both against fiat currencies and Bitcoin.
- ETHEthereum
- PriceSGD 2,678.59
- Change6.05%
- MarketcapSGD 325.25 B
The report details that during the last altcoin season, Ethereum saw significant gains, with the ETH/BTC ratio doubling in less than two months. This surge was primarily driven by a spike in on-chain activities, including the growth of Decentralized Finance (DeFi), stablecoin issuance, and the booming Non-Fungible Token (NFT) sector, predominantly on the Ethereum blockchain.
Earlier this week, the Federal Reserve’s decision to lower interest rates is expected to further boost on-chain activities, which could significantly benefit Ethereum. This economic adjustment is likely to inject more vitality into Ethereum’s already dynamic ecosystem, reinforcing its position in the market and potentially leading to another impressive rally in its value.
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