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's really based off Ethereum fundamentals. So, we use key performance metrics, operating metrics — we call this onchain data. And what the onchain data is telling us today is that there are more active users, actually more than 2 million users on Ethereum today across the layer 1 and its complimentary layer 2,” he stated.
It follows Cointelegraph’s recent 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 project aggregator DefiLlama indicates that at the time of publication, Ethereum’s total value locked 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 Ether 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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