Three reasons why Ethereum could touch over 50% of the world’s financial transactions

Analysts are bullish on Ethereum price and predict that the altcoin could break past resistance to climb up to $3,500. Institutions believe that over half of the world’s financial transactions could touch Ethereum within the next decade.

Institutional investors long on Ethereum make bullish prediction

Pantera Capital, a US-based cryptocurrency hedge fund, is bullish on Ethereum. In an interview, Joey Krug, the co-chief investment officer of Pantera, told Bloomberg that the firm is long on Ethereum.

Krug notes that the explosion in DeFi and Web3, competing with Ethereum and capturing the altcoin’s market share, has threatened the second-largest cryptocurrency’s dominance. Krug was quoted as saying:

If you roll the clock forward 10 to 20 years, a very sizable percent, maybe even north of 50%, of the world’s financial transactions in some way, shape or form will touch Ethereum.

The native currency of the smart contract network is one of Pantera Capital’s top three positions. Pantera’s crypto-focused fund manages over $5.8 billion in assets. 

@Phoenix_Ash3s, a pseudonymous crypto analyst and trader, evaluated the Ethereum price trend and predicted that the altcoin is in the oversold area for the first time since March 2020. 

@IamCryptoWolf, a crypto analyst, recently tweeted that Ethereum has found support at $3,000, and the altcoin’s price could hold at the subsequent retest. The analyst expects a relief bounce and the testing of resistance at $3,500. 

FXStreet analysts believe that the Ethereum price is primed to rebound to $3,600.