Life everlasting is like when the Lord called Peter to walk on water with Him in Matthew 14:25-33.
Water is the word of God (Is.55:10-11, Eph.5:25), which is a place of blessing but also judgment (Deut.30:15-20). The call of Jesus to Peter to walk on water is the gospel call. At first, Peter successfully steps out and walks on water, representing a believer who obeys the gospel (Jn.6:28-29); but that call does not end with the miracle of the new birth. It is an ongoing "walk on the water" toward Jesus. So that having received new life, we might then be bearing the fruits of new life (1Jn.3:23).
The sinking of Peter is the experience of every believer who, eye and walk of faith diverted, backslides from the Lord's words (Eph.5:14-17, Heb.12:1-2). The boat filled with disciples who are worshiping the Son of God is a picture of the local church resting on the waters of God's word (Phil.1:27-28). It is only in the local Ark of Jesus, with a company of like-minded saints, where our hearts and minds can miraculously stay afloat on God's word as the Lord ministers to us through Holy Spirit quickened gifts (1Cor.12:4-7, Eph.4:11-16).
The miracle of Jesus
To walk upon the sea
Foreshadowed grace now offered,
As words of life in me.
Take my heart dear Savior
And lead me where Thou will,
To where for Thee I prosper
To know Thee deeper still.
Image Source: Peter and Christ from BL Harley 5102, f. 129 - http://europeana.eu/portal/