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

According to Matrixport analysis, the price of Ethereum broke through the $4,000 mark, setting a new high since the end of 2021. This round of growth was mainly driven by institutional buying and a wave of short liquidation. The on-chain daily transaction volume exceeded 1.8 million, and more than 30% of the supply was pledged. In addition, the SEC ruled that liquidity pledge tokens are not securities, which brought important regulatory benefits to the industry and further enhanced market confidence. Some listed companies have accelerated their layout, and the scale of ETH held in their vaults has exceeded US$3.5 billion, an increase of nearly tenfold over last year. The next market target may be US$4,362, and the historical high of US$4,892 remains the final milestone.