While the price of Bitcoin (BTC) has been recently scaling unchartered territories, Ethereum (ETH) has also been fast off the blocks in 2024. The price of ETH is hovering around the $3900 mark, having risen 70.7% year to date as of Mar 8. Ethereum, which trails only Bitcoin in the crypto world, is known for its uses as a blockchain-powered, open-ended decentralized software platform.

Having completed the Shanghai Upgrade in 2023, Ethereum has ensured that it shifts its blockchain validation system from proof-of-work to proof-of-stake. Under the proof-of-stake system, miners of Ethereum will rely on Ether holders who will act as validators, thus lending more assurance to the system. In essence, proof-of-stake allows holders of Ether to lock up their funds as collateral to validate transactions and create new blocks, reducing the need for extensive computation and energy consumption. The result has been far stricter trading, and the amount of Ether locked up has risen significantly.

A massive boost has also come in from new institutional investments, with traditional financial giants following up their successful spot BTC ETF bids with ETH ones.

However, the latest upgrade to its systems is going to be a game changer, and may see the stock shoot well above its all-time high of $4400 witnessed in May 2020. The ETH blockchain's Dencun upgrade, scheduled for Mar 13, is going to be a massive step toward allowing the network to function as a proper database for layer-2 blockchains to store data more efficiently. Also, it will make transactions cheaper on these blockchains and boost mainstream consumer demand.

Analysts around the world have pondered that with Bitcoin scaling the heights it is currently, Ether will only follow suit with the momentum from the upgrades and ETH applications and touch its all-time high pretty soon. In fact, it may go beyond the $10,000 markbefore the year ends.

So, with Ethereum already starting to make good of the state of the market, it might be prudent to keep a watch on stocks exposed to this open-source, decentralized blockchain platform. Here is a selection. These currently carry a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Marathon Digital Holdings, Inc. MARA: This digital asset technology company mines digital assets and focuses on Bitcoin and Ethereum.

Marathon Digital’s expected earnings growth rate for the next year is 238.1%. The Zacks Consensus Estimate for its current-year earnings has surged 450% over the past 60 days. Marathon Digital currently carries a Zacks Rank #3.

CME Group Inc. CME: This company operates as one of the world's largest futures exchanges and offers a wide range of derivatives contracts and various solutions to invest in cryptocurrencies like Ethereum.

CME Group’s expected earnings growth rate for the current year is 2.8%. The Zacks Consensus Estimate for its current-year earnings has improved 1.3% over the past 60 days. CME Group currently carries a Zacks Rank #3.

BlackRock, Inc. BLK: This publicly owned company, which is one of the world’s largest investment managers andone of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023 and got it approved this January, has already entered the ETH fray by applying for spot ETF.

BlackRock’s expected earnings growth rate for the current year is 5.2%. The Zacks Consensus Estimate for its current-year earnings has improved 3.7% over the past 60 days. BlackRock currently carries a Zacks Rank #3.

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