The post Ethereum Price Hit New Highs Ahead of Dencun Upgrade in 2024 – What Next For ETH Price? appeared first on Coinpedia Fintech News
Ethereum (ETH) has reached an impressive 19-month high, drawing attention from investors and the crypto community alike. Eventually, Ethereum price is up by 4.55% and trading at $2.371. This surge may come ahead of the much-anticipated Dencun Hardfork is scheduled for January 2024.
Will Ethereum Further Rally or Consolidate?
Ethereum price is inside the bulls’ grip and trading near the 19-month high. Although, the majority of the gains came in the last two months, so we might say that bulls are active and returning to the track.
The recent price breakout has already led to some investors sharing $3,500 price targets for ETH. Meanwhile, they even say that the buyers will remain active as long as the ETH price remains above $2157.
Also with the rise in institutional investment in cryptocurrencies, and Ethereum specifically, institutional investors are looking to gain exposure to the market by filling spot Ethereum ETFs. Many big investors, such as Grayscale, BlackRock, and VanEck, are in line for the approval of Spot Ethereum ETF
Ethereum’s Wallet More In, Less Out
A recent tweet made by on-chain data provider Santinment reveals notable differences between non-exchanges and exchanges within the Ethereum ecosystem. Meanwhile, the top 150 non-exchange wallets are stacking up Ethereum, hitting a record 54.6 million ETH.
In contrast, exchange wallets have dropped their holdings, hitting a 5-year low at 9.3 million ETH.
As per the Santinment report, Ethereum’s price is on the move, reaching $2,349, the highest since June 2022. This interesting dance between non-exchange and exchange wallets hints at positive trends – more wealth accumulating in non-exchange wallets, and less selling pressure from exchange wallets.
Ethereum’s Dencun Upgrade on the Horizon
Ethereum developers shared insights at a recent ACDE meeting on the upcoming Dencun fork on the Goerli testnet, planned for January 2024. The majority of development teams are ready for the testnet fork test, with comprehensive plans for a more extensive Goerli shadow network fork in the weeks ahead.
Dencun brings improvements by significantly boosting data availability for layer-2 rollups through proto-dank sharding. This upgrade aims to cut transaction costs for rollups, providing a better experience for users. Beyond that, Dencun promises scalability boosts, gas fee optimization, stronger network security, and several housekeeping updates.
The Ethereum Foundation suggests users rely on Goerli for stable testnet environments to start the migration process early. While Goerli staking remains open to all, concerns arise as major validators exit, potentially impacting stability.
At the same time, development teams are using this transition phase for in-depth testing, covering areas like delayed finality, inactivity leaks, and mass slashings.
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