Ether’s stagnant price may not be creating many new millionaires lately, but its onchain activity indicates the network is approaching peak performance, according to Khelp Financial founder and CEO Boomer Saraga.
“From a fundamental standpoint, Ethereum is reaching all-time highs, and I expect the price to follow,” Saraga explained in an Aug. 14 interview with Schwab Network, seeming confident that Ether (ETH) will soon exceed its current all-time high of $4,878.
“It is based on Ethereum fundamentals, we use key performance metrics, operating metrics, and onchain data is showing more active users. More than 2 million on Ethereum across the Layer-1 and its complimentary Layer-2,” he stated.
It follows Cointelegraph recently reporting that there are almost nine times as many daily active users in the Ethereum ecosystem as there were just four years ago.
Saraga also claimed that the Ethereum “network is securing more in collateral, we call this total value locked, than it ever has before.”
Data from decentralized finance (DeFi) project aggregator DefiLlama indicates that at the time of publication, Ethereum’s total value locked (TVL) was $48.88 billion, higher than it has been on any day throughout 2023. Though not at its highest level ever.
It has been down 13.07% since July 15 and 49% from its all-time highs in November 2021.
Saraga reiterated that while all the data indicates positive sentiment, the price is “lagging.”
At the time of publication, Ether’s price is $2,647, down 3.04% since Aug. 14, according to CoinMarketCap data.
Related: Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up
Meanwhile, Bitwise Chief Investment Officer Matt Hougan is confident that by the end of the year, “the new highs will be in.” His comments came after the launch of spot Ethereum exchange-traded funds (ETF) on July 23.
The nine spot Ether ETFs have seen a total cumulative net outflow of $366.3 million, as per Farside data.
Hougan predicted that the product would push Ether’s price above $5,000 by the end of 2024, which would be an 89% increase from its current price.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
