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ETH breaks through 4000 USD to reach a new high as institutions get on board and SEC rulings boost the market.
[Bitpush] Matrixport released a daily chart 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 price rise is mainly driven by institutional buying and a wave of short positions liquidation. On-chain activity also hit a historical high, with a single day's 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 the category of securities, bringing significant regulatory benefits to the industry and enhancing market confidence in Ethereum and staking platforms. Boosted by this, some listed companies are accelerating their layouts, with their treasury holdings of ETH exceeding $3.5 billion, nearly a tenfold increase compared to last year.
The next target for the market may be at $4,362, with the historical high of $4,892 still being the ultimate milestone.