Boomer Saraga, CEO and founder of Khelp Financial, says Ethereum fundamentals are close to all-time highs. However, Ether still reflects some lags in its price trend, contrary to the network’s actual performance.
The analyst believes Ethereum’s price will soon rally to a new all-time high in line with its network activity. Saraga seems confident that Ethereum could exceed $4,878 when this bullish wave ensues.
Ethereum Fundamentals To Reach ATH Amid Price Lag
In an interview with Schwab Network on August 14, Boomer Saraga, the CEO and founder of Khelp Financial, explained the dynamics of Ethereum fundamentals.
#Ethereum ETFs have been live for 2 weeks 💥
Khelp Financial CEO Boomer Saraga speaks to the flows and how they compare to the trends from #bitcoin funds. @NPetallides $ETH
🗣️ “From a fundamental standpoint, Ethereum is reaching all-time highs and I expect the price to follow.”
— Schwab Network (@SchwabNetwork) August 14, 2024
According to the CEO, Ethereum’s network fundamentals are approaching all-time highs amid Ether price lags.
Boomer said: “From a fundamental standpoint, Ethereum is reaching all-time highs, and I expect the price to follow.”
The CEO believes Ethererm’s price underperformed relative to its network activity. The recent market volatility and other factors have negatively impacted Ether’s price. According to data from CoinMarketCap, ETH has plummeted by over 20% in the past month.
However, Boomer believes the price will surge soon, possibly surpassing its ATH of $4,878. He based his assertion on the recent increase in key performance and operating metrics such as daily active users and Total Value Locked on Ethereum.
According to Boomer, Ethereum’s on-chain data shows it has recently attracted more active users. Both Ethereum layer-1 and layer-2 chains boast over 2 million active users.
Moreover, Ethereum stands out with its impressive functionalities and features that attract developers and other applications in the industry.
In addition, Boomer noted that the Ethereum network has secured more collateral in terms of total value locked (TVL). The growth percentage is notably higher than its previous records.
Data from DefiLlama, a decentralized finance aggregator, corroborates Boomer’s statement. According to the platform, Ethereum boasts a TVL of $48.88 billion, its highest since 2023.
However, the value doesn’t represent the network’s highest level since inception. The current TVL indicates a 49% decline from its all-time high (ATH) in Nov 2021.
Other Crypto Personnel And Analyts Predict Upcoming Surge For Ether
Similarly, some prominent personalities in the crypto industry have predicted an upcoming rally for ETH’s price. Javon Marks, a crypto analyst, said Ether will surge by 75% to hit $4,723 or above.
$ETH (Ethereum), from a technical standpoint, still looks poised for a push to the $4723.5 target as bull divergences continue to hold within an already massive climb since breaking out.
With this breakout and divergence holding, a 75% move from here to this target and above can… https://t.co/zlbBXiiCNv pic.twitter.com/hHBVB0Jocw
— JAVON⚡️MARKS (@JavonTM1) August 12, 2024
According to the analyst, Ethereum’s rally price will occur through a continuous bull divergence with a massive spike after a breakout. Marks also highlighted a potential surge to above the $8,000 region for Ethereum if the divergence hold extends.
Matt Hougan, Chief Investment Officer at Bitwise, also predicted that Ethereum would record new highs this year. The executive’s bullish prediction came after US spot ETH ETFs went live in July.
Hougan is optimistic that the spot Ethereum ETFs will trigger more adoption and attract more investors for ETH. He said the ETFs will help to push Ether across the $5,000 threshold by the end year of the year.
Meanwhile, data from Farside Investors shows the nine spot ETH ETFs have recorded a total net outflow of $366.3 million as of August 14. Ether’s price hovers around $2,652 as of 10:28 AM EST on August 15. The token reflects a slight decrease of 0.35% over the past 24 hours.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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