What to Expect from the Upcoming Ethereum Dencun Upgrade
As an avid follower of the crypto market, you are likely anticipating the upcoming Dencun upgrade for Ethereum, scheduled to take place in just a few days. This upgrade holds the potential to impact the price of ETH significantly, and you may be curious about what the future holds for this popular cryptocurrency post-update.
The Current State of Ethereum Price
- Ethereumโs price has not yet reached a new all-time high in 2024, unlike Bitcoin.
- The highest price recorded in 2024 was above $4,040, still below the peak of almost $4,900 in November 2021.
- ETH has seen a +15% increase in the last seven days and a +60% increase in the last thirty days.
- Compared to October 2023, before the current bull run, ETH has gained +160%, similar to Bitcoinโs +165%.
- In 2023, ETHโs price performance was lower compared to Bitcoinโs, but it has caught up in 2024.
Predictions on Ethereum Price Post-Dencun Update
- The Dencun upgrade on March 13th could potentially boost Ethereumโs price towards new highs.
- The crypto markets seem to be already pricing in the effects of this upgrade on ETH.
- This anticipation might lead to increased price volatility as investors adjust their positions based on the upgradeโs impacts.
- The +83% price increase since January indicates growing optimism around ETH and its future performance.
Potential Impact on ETF Approval for Ethereum Spot
- Dencun could pave the way for a Spot ETF on ETH in the USA according to Bitget analysts.
- The SEC is expected to make a decision in May regarding an Ethereum ETF approval.
- However, some negative signals and lack of dialogue with applicants raise concerns about ETF approval for Ethereum spot.
Differences with Bitcoin ETF Approval Process
- The approval process for Ethereum ETFs differs significantly from that of Bitcoin ETFs.
- The SEC initially rejected all requests for Bitcoin ETFs until court rulings forced them to approve them.
- No such court ruling exists for ETH yet, potentially leading to initial rejections by the SEC for Ethereum spot ETFs.
- The political landscape and SEC leadership may play a role in shaping decisions around ETH ETF approvals in the USA.
Hot Take: The Future of Ethereum Post-Dencun Upgrade
With the highly anticipated Dencun upgrade just around the corner, all eyes are on Ethereum and its potential price movements. As you navigate through these developments in the crypto market, keep a close watch on how ETH responds to this significant update. The future of Ethereumโs price post-Dencun remains uncertain but filled with possibilities for both investors and enthusiasts alike. Stay informed and stay tuned for what lies ahead!
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