Ethereum is undoubtedly poised to usher in a milestone year.

Author: Harsh Notariya

Translation: BitpushNews Jarl Cheung

As one of the leading cryptocurrencies, Ethereum's blockchain technology is at the core of the market's renewed enthusiasm. Strategic investments and optimistic market activities highlight Ethereum's growing dominance. Furthermore, these factors also indicate that Ethereum's price may experience a significant increase in 2024.

Professionals expect Ethereum's price to surpass new highs

At the "Parallel EVM Day" event hosted by ABCDE Lab, Benson, a partner at OKX Ventures, emphasized the importance of Ethereum in their investment portfolio. He stressed the significance of improving Ethereum's data availability. Additionally, 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.

Not only institutional investors, but also retail investors have demonstrated their optimism towards Ethereum through their actions. Recently, a user purchased 15,011 Ethereum through Galaxy Digital's over-the-counter (OTC) address and staked them, demonstrating their firm commitment to Ethereum's future. According to on-chain analysis platform Santiment, Ethereum's on-chain transfer profit ratio has been the highest since November 2023. Furthermore, its price has increased by over 46% since February this year, and on February 28, Ethereum also broke through an important resistance level, reaching above $3,400.

"Ethereum has the opportunity to surpass $3,500, with support at $3,100 and a concentration of chips at $2,900." Ryan Lee, Chief Analyst at Bitget Research, said in an interview with BeInCrypto, "In an optimistic scenario, Ethereum will soon test the 2021 high of $4,300, with the actual range depending on market liquidity, and is expected to fluctuate between $2,500 and $3,500 for most of the time."

Expectations for further improvements to the network have solidified Ethereum's infrastructure, laying the foundation for its continued dominance. Ethereum's potential has also garnered widespread praise from industry experts and financial institutions. Kane Warick of Synthetics, along with analysts from JP Morgan, emphasized the importance of Ethereum in DeFi and NFTs. They pointed out that, under the upcoming upgrade, Ethereum is expected to perform exceptionally well. In addition, experts such as Raoul Pal and analysts from Bernstein have also emphasized the consensus on Ethereum's bright prospects. The expected approval of a spot Ethereum ETF further drives this outlook.

The transition of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS) and the progress of Layer2 solutions mark a solid foundation for its future in digital finance. With Ethereum's technological vision aligning with the interests of institutional investors, Ethereum is undoubtedly poised to usher in a milestone year.

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