- Investment officer at Pantera Capital believes that over 50% of the world’s financial transactions could touch Ethereum.
- Ethereum ranks in the top three positions of institutional investors like Pantera Capital.
- Analysts have predicted that Ethereum price is in the oversold area since March 2020.
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.
$ETH has found some support at $3k, 78.6% fib and WMA50.— Wolf (@IamCryptoWolf) January 9, 2022
Now let's if it holds at next retest.
If it does, we could see a relief bounce and test resistance @ 3.5k's. https://t.co/3kegPq472K pic.twitter.com/1LlSYsw1pZ
FXStreet analysts believe that the Ethereum price is primed to rebound to $3,600.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.