Matrixport: The next target for Ethereum may be at $4362, recently driven by institutional buying and favourable information from regulations.

On August 11, Matrixport released a daily icon analysis stating that the price of Ethereum surged past the $4,000 mark, reaching a new high since the end of 2021. This round of rise was mainly driven by institutional buying and a wave of short positions liquidation. On-chain activity also hit a historical high, with daily volume exceeding 1.8 million transactions, and over 30% of the supply has been staked. The U.S. SEC ruled that liquid staking tokens do not fall under securities, bringing significant regulatory favourable information to the industry and enhancing market confidence in Ethereum and staking platforms. Boosted by this, some listed companies are accelerating their layout, with their treasury holdings of ETH exceeding $3.5 billion, nearly ten times the amount from last year. The market's next target may be $4,362, while the historical high of $4,892 remains the ultimate milestone.

ETH1.61%
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