Ethereum (ETH) Gains Momentum with Dencun Upgrade
While Bitcoin (BTC) has been grabbing most of the attention in the current crypto market rally, Ethereum (ETH) has been making significant progress. Not only has ETH experienced a major price increase in recent months, reaching highs not seen since late 2021, but its development team has also been actively rolling out upgrades. The most recent upgrade, called Dencun, was launched on Wednesday, March 13. Its main objective is to enhance the efficiency of Ethereum’s information storage mechanisms and significantly reduce gas fees.
Can ETH Reach $5k After the Dencun Upgrade?
The release of the Dencun upgrade is highly anticipated as it is expected to contribute to Ethereum’s journey towards reaching $5,000. According to Michaël van de Poppe, a prominent crypto trader and analyst, Ethereum is well-positioned to test a new all-time high due to this technical improvement and the pending decision on a spot Ethereum exchange-traded fund (ETF). The approval of spot BTC ETFs in January 2024 has increased the likelihood of an Ethereum ETF approval.
However, there are challenges that ETH must overcome on its path to $5,000. Ali Martinez, another crypto expert, revealed that there is strong resistance between the price levels of $4,522 and $4,646. In this range, there are over 600,000 addresses holding more than $1.6 million worth of Ethereum.
Ethereum’s Price Performance
Ethereum has been a major beneficiary of the ongoing crypto market rally. Over the past 52 weeks, Ether has risen by 136.93%, and since the beginning of 2024, it has surged by 73.92%. In the last 30 days alone, ETH has experienced a 50.85% increase in price. Despite significant volatility in the market, Ethereum managed to stay in the green by 0.10% in the latest 24-hour trading period, with a current price of $4,004.05.
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