A recent research report from Bloomberg Intelligence claims that the long-awaited merger of ethereum will serve as an event catalyst that could transform ethereum into a global institutional-grade asset.

The Ethereum ecosystem has seen a strong recovery after its May 21 peak, the report said, suggesting that the asset may be priced at the wrong level.

Additionally, according to the report, relative to the last bear market as well as Bitcoin, Ethereum outperformed on several key adoption metrics that are highly correlated with price, including active users, non-zero balance addresses and transactions.