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Analysts: On-chain Data shows Ethereum is "Undervalued".

The analysis revealed four key metrics; gas usage, developer activity, miner balances, and “average age” of invested dollars make a positive trend for Ethereum.

As noted via a series of tweets, BlockFyre said gas usage forms the “strongest” indication of Ethereum’s on-chain activity, with the factor making an “all-time high” on May 23.Gas is usedwhen users interact with the Ethereum network, with higher values meaning more users are accessing dApps, non-fungible tokens, or even using ETH to trade on decentralized exchanges like Compound or Khyber Network.

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