Is Ethereum About to Explode? Analyst Notes Price ‘Lagging’ Behind Soaring Fundamentals
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the Ethereum price has mounted a recovery, now down just 0.29% after a significant decline. Meanwhile, one analyst believes that a breakout is due, setting eyes on a new all-time high.
Despite this lapse, Ethereum continues to outpace most other major altcoins, rising 9.57% since last Thursday as the broader market shows strength in its recovery from last week’s sell-off.
However, trader interest in Ethereum appears to have dipped slightly, with the altcoin’s trading volume falling by 14.16% to $14.14 billion over the past 24 hours.
In an August 15th Schwab Network interview, Khelp Financial CEO Boomer Saraga highlighted Ethereum’s recent price performance as “lagging” behind its fundamental growth, with strong on-chain activity suggesting the network is nearing peak performance.
Saraga pointed to metrics showing over 2 million active users across Ethereum’s layer-1 and layer-2 solutions, more than double the daily active users seen in Q4 2021 when Ethereum set its all-time high of $4,891.70.
ETF or not, the Ethereum ecosystem is growing. Fast. pic.twitter.com/8XLtyN5dv5
Meanwhile, the Ethereum “ Network is securing more in collateral, we call this total value locked, than it ever has before.” According to DefiLlama data, Ethereum’s total value locked (TVL) now stands at $49.02 billion, higher than it has been on any day throughout 2023 – though not at its highest level ever.
He also noted a “large discrepancy” in the initial performance of Ethereum ETFs compared to Bitcoin ETFs, with $400 million in outflows and $1.3
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