Ethereum Price Rallies Toward $2400 As Dencun Upgrade Goes Live

The Ethereum crypto has witnessed a notable rally, with its price soaring towards $2400, buoyed by the excitement surrounding the imminent deployment of the Dencun upgrade. Ethereum’s core developers recently implemented the Dencun upgrade on the Holesky testnet, marking the final phase before its expected mainnet rollout in early to mid-March.

The integration of EIP-4844, a key feature of Dencun, is anticipated to revolutionize Ethereum’s scalability and cost-effectiveness, particularly for Layer 2 rollup chains. Notably, the Ethereum price rally today also sparked curiosity, despite the SEC delaying the spot Ethereum ETF approval from Invesco and Galaxy Digital.

Ethereum Dencun Upgrade Live On Holesky Testnet

Despite market consolidation, Ethereum has experienced a surge in price, fueled by optimism surrounding the upcoming Dencun upgrade. The successful implementation of Dencun on the Holesky testnet, as confirmed by Ethereum Foundation developer Parithosh, signifies a crucial milestone before its anticipated mainnet deployment.

This upgrade, featuring EIP-4844, notably promises significant enhancements to Ethereum’s scalability and transaction cost reduction, positioning the network for further growth and adoption in the evolving crypto landscape.

Meanwhile, the Ethereum Dencun Upgrade underscores Ethereum’s dedication to ongoing advancement and innovation. With a focus on scalability through proto-danksharding, improved security measures, and enhanced network efficiency, Dencun is poised to strengthen Ethereum’s standing as a premier blockchain platform substantially.

Ethereum Price To $3,500?

In a recent analysis, prominent crypto analyst Michael van de Poppe highlighted the imminent uptrend for Ethereum (ETH), particularly as a focus on the Dencun upgrade. Van de Poppe predicts that the Ethereum price surge is imminent, with a target set at $3,500.

Expressing confidence in Ethereum’s potential, van de Poppe emphasized that the market is currently undervaluing the significance of ETH. He further disclosed his strong preference for the Ethereum ecosystem, foreseeing it as a major driving force in the months ahead.

Meanwhile, Bloomberg Intelligence analyst James Seyffart stated that he continues to expect more delays in spot Ethereum ETF approval in the coming months. According to Seyffart, the focal point for Ethereum spot ETFs currently revolves around May 23rd, which marks the final deadline set by VanEck, another ETF issuer seeking approval from the SEC.

According to a study by Coingecko, Europe leads the global Ethereum (ETH) ETF market, holding an 81.4% share. The region boasts 13 ETH-backed ETFs, covering both spot products and futures funds, with assets under management (AUM) totaling $4.6 billion.

Canada also plays a significant role in the ETH ETF market, holding a 16.6% share with $949 million in AUM. ETFs have emerged as a popular entry point into the crypto space for many Canadian investors.

As of February 2nd, the total global AUM for ETH ETFs reached $5.7 billion, spread across 27 ETFs offering both spot and futures funds

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.