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Try it out in your test environment
You will need to convert your OVZ containers to LXC in order to migrate to 4:
https://pve.proxmox.com/wiki/Convert_OpenVZ_to_LXC
The Proxmox team also recommends building a new cluster, backing up all VMs in 3.4, and importing the backups into v4.
More information:
https://pve.proxmox.com/wiki/Upgrade_from_3.x_to_4.0
If you could, it would probably be a good option to evacuate 1 node from your cluster, remove it from your cluster, install version 4 on it, and then begin migrating VMs to this node from your 3.4 cluster. Once you evacuate other nodes, you can reinstall those with version 4 and pull those in your new cluster until you are completely moved over.
This would only work in certain scenarios. Things will get trickier if you do not have much capacity left over in your cluster or if you are using some types of clustered storage.
Also, you want to make sure you have good backups before performing any type of migration.
Edit: Added more info.
3.4 is beyond ancient.. 4.3 has so much more features. Its worth it.
I upgraded a couple of servers and following the instructions, I converted the openvz images to LXC. I did not have any issue and the procedure was smooth and easy.
BUT: before doing anything, make backups for all of your vms and be sure they are working. If anything goes wrong, install again proxmox 3.4 and import vms there.