Will Ethereum Price Follow Fundamental Indicators? Record Expected
The movement on the Ethereum (ETH) blockchain could be a bullish signal for the altcoin price.
According to Khelp Financial CEO Boomer Saraga, the data on the blockchain shows Ethereum's fundamental strength.
Saraga said, "Fundamentally, Ethereum is approaching all-time highs and I expect the price to follow suit." Saraga thinks the ETH price will soon surpass the $4,878 record.
"This is based on Ethereum's fundamentals, we use key performance metrics, operational metrics and on-chain data. Ethereum has over 2 million active users at Layer 1 and Layer 2," Saraga added.
According to data from decentralized finance (DeFi) platform DefiLlama, there are a total of $48.88 billion worth of assets held in Ethereum. Although this is the highest level this year, it is not the highest level of all time. This value is 49 percent lower than the record set in November 2021.
Saraga says that all the data paints a positive picture, but the price is “lagging behind.”
Ethereum has lost 2.6 percent in the last 24 hours, according to CoinGecko data, dropping to $2,663.
A record is expected by the end of the year
Bitwise Chief Investment Officer Matt Hougan expects new highs to be seen by the end of the year. One of the things that supported this was the spot Ethereum ETFs that opened for trading on July 23.
However, according to Farside data, nine spot Ethereum ETFs saw a total net outflow of $366.3 million.
Hougan believes that thanks to these investment tools, the Ethereum price will exceed $5,000 by the end of the year
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