Analysis: Driven by institutional buying and favorable regulations, ETH's next target price is $4,362

PANews reported on August 11th that according to Matrixport analysis, Ethereum's price broke through the $4,000 mark, reaching a new high since the end of 2021. This surge was primarily driven by institutional buying and a wave of short liquidations. On-chain transaction volume exceeded 1.8 million transactions per day, and over 30% of the supply was staked. Furthermore, the SEC's ruling that liquidity staking tokens are not securities brought significant regulatory benefits to the industry and further bolstered market confidence.

Some listed companies are accelerating their investment, with ETH holdings in their treasuries exceeding $3.5 billion, a nearly tenfold increase from last year. The market's next target could be $4,362, with the all-time high of $4,892 remaining the final milestone.