- Ethereum fundamentals have hit an all-time high, but the price rally remains volatile.
- Analyst Boomer Salaga predicted that Ethereum’s price will soon reflect its strong on-chain activity.
Ethereum [ETH] Despite the recent launch of spot exchange-traded funds, the bullish sentiment has been inconsistent. So far, the asset has continued to rise but has ended up being short-lived.
For example, the asset has risen 8.3% in the past week but is on a downward trend at the time of writing, dropping 3.7% in the past 24 hours and currently trading at $2,624.
Is Ethereum Price Lagging?
Boomer Salaga, founder and CEO of Kelp Financial, recently commented on Ethereum’s price movements: Interview The event will be held on August 14th in collaboration with Schwab Network.
According to Salaga, Ethereum is showing notable fundamental strength, but its price has “lagged.”
Notably, Salaga noted that while Ethereum’s on-chain activity suggests the asset is functioning at peak levels, the asset has not been able to generate as much new wealth as it once did.
But the delay may not be a denial of ETH, according to the CEO. Exceeding the previous high Over $4,800.
Salaga pointed out:
“From a fundamental perspective, Ethereum has reached an all-time high and we expect the price to follow suit.”
ETH’s Fundamental Growth
Looking at the fundamentals of Ethereum, it is notable that Salaga’s statement that Ethereum price is lagging is evident in on-chain activity.
Source: DefiLlama
data The Ethereum network is reportedly securing more collateral (known as total value locked, or TVL) than ever before, with the latest figures from DefiLlama putting TVL at $48.3 billion.
This is a significant increase from less than $30 billion in September of the previous year.
Ethereum [ETH] Price Forecast 2024-25
The number of active addresses on Ethereum Experienced The increase has been dramatic, from fewer than 400,000 cases earlier this week to nearly 600,000 at the time of writing.
Source: Glassnode
Despite the price decline, the increase in active participation is a strong indicator of the Ethereum ecosystem – it reflects widespread engagement with the platform, driven by both speculative interest and true utility.
