Institutional interest could push Ethereum prices to $4,300

As one of the leading crypto assets, Ethereum’s blockchain technology is at the heart of the market’s renewed enthusiasm. Strategic investments and optimistic market activity highlight Ethereum’s growing dominance. Moreover, these factors also indicate that Ethereum prices could rise significantly in 2024.

Experts expect Ethereum price to break new highs

OKX Ventures has been playing a leading role in showing the world that institutional investors support Ethereum. At the "Parallel EVM Day" event hosted by ABCDE Labs, OKX Ventures partner Benson emphasized the importance of Ethereum in his portfolio. He stressed the importance of improving the availability of Ethereum data. In addition, Benson's positive stance on parallel blockchains, including investments in Sei and MegaETH, reflects the broader market's confidence in Ethereum's scalability and innovation.

It is worth noting that not only institutional investors, but also whale investors among retail investors have shown their optimism about Ethereum through their actions. Recently, a user purchased 15,011 Ethereum through Galaxy Digital 's over-the-counter (OTC) address and made a bet, which shows their firm commitment to the future of Ethereum. According to data from the on-chain analysis platform Santiment , Ethereum has the highest profit ratio for on-chain transfers since November 2023. In addition, its price has increased by more than 46% since February this year, and on February 28, Ethereum also broke through an important resistance level, with the price coming above $3,400.

"Ethereum has a chance to break through $3,500, with support at $3,100 and a concentrated area at $2,900," said Ryan Lee, chief analyst at Bitget Research, in an interview with BeInCrypto. "The optimistic scenario is that Ethereum will soon test the 2021 high of $4,300. The actual range depends on market liquidity, and it is expected to fluctuate between $2,500 and $3,500 most of the time."

The anticipation of further network improvements has solidified Ethereum's infrastructure, laying the foundation for its continued dominance. Ethereum's potential has also won widespread praise from industry experts and financial institutions. Kane Warick of Synthetics, together with analysts from JP Morgan, highlighted the importance of Ethereum in DeFi and NFT. They pointed out that Ethereum is expected to outperform driven by the upcoming upgrade. In addition, predictions from experts such as Raoul Pal and Bernstein analysts also emphasized the consensus on Ethereum's bright future. The expectation of approval of the spot Ethereum ETF has also further promoted this prospect.

Ethereum's transformation from proof of work (PoW) to proof of stake (PoS) and progress in Layer 2 solutions mark that it has laid a solid foundation for the future of digital finance. As Ethereum's technical vision coincides with the interests of institutional investors, Ethereum will undoubtedly usher in a milestone year.