Fidelity: Multiple Ethereum on-chain indicators show that ETH is "undervalued"

Fidelity Digital Assets reported that multiple Ethereum on-chain indicators indicate that ETH is "trading at an undervalued price." The report pointed out that the MVRV Z-Score fell to -0.18 on March 9, entering the "undervalued" zone, showing that Ethereum "looks cheap"; NUPL also fell to 0, indicating that the market is in a state of "capitulation." In addition, ETH's realized price is $2,020, 10% higher than the current price. The ETH/BTC market value ratio has fallen to the level of mid-2020. At the same time, Ethereum Layer-2 active addresses reached 13.6 million, a record high, indicating that its scalability and adoption continue to rise.