In a report on Thursday, Steno Research said that the recent period of poor performance of Ethereum (ETH) may be over, and that ETH may once again shine in terms of both the fiat exchange rate and the BTC exchange rate. The report pointed out that during the last round of counterfeit products, ETH rallied sharply, and the ETH/BTC exchange rate more than doubled in less than two months. This shift was triggered by a surge in on-chain activity, including decentralized finance (DeFi), stablecoin issuance, and a boom in non-fungible tokens (NFT), all of which took place primarily on the Ethereum blockchain. The Federal Reserve's interest rate cut earlier this week will lead to an increase in on-chain activity, which will greatly benefit Ethereum.