Steno Research in a report on Thursday noted that Ether’s recent underperformance may be over, and it could be ready to shine again, both in fiat terms and relative to bitcoin. The report noted that ETH surged during the last altcoin season, and in under two months it more than doubled in value compared to bitcoin. This shift was sparked by a surge in on-chain activity, including DeFi, stablecoin issuance, and the boom in NFTs, mainly on the Ethereum blockchain. The Fed interest rate cut, earlier this week, will result in increased on-chain activity, which will strongly benefit Ethereum, Steno said.