While the broader cryptocurrency market consolidation, Ethereum has been on an upward trajectory in the last 24 hours. The Ethereum price jumped to $2,400 earlier today despite the SEC delaying the spot Ethereum ETF approval from Invesco and Galaxy Digital.

Ethereum Dencun Upgrade Arrival

In a significant development for the Ethereum ecosystem, the Dencun integration will go live on the Holesky Ethereum testnet within the next few hours.

This milestone marks the final testnet fork before the anticipated mainnet deployment, with expectations running high for an official mainnet launch date announcement during tomorrow’s AllCoreDevs call. Industry insiders indicate that the mainnet rollout is likely to occur in the early to mid-March timeframe.

Of particular note is the impending implementation of EIP-4844. This functionality targets a substantial reduction in costs for Layer 2 (L2) rollups by introducing blob-carrying transactions. Blobs, also known as binary large objects, facilitate the efficient management of sizable data packets off-chain, thereby enhancing the network’s data throughput and alleviating storage demands.

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 substantially strengthen Ethereum’s standing as a premier blockchain platform.

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 the Dencun upgrade draws nearer. Van de Poppe predicts that the Ethereum price surge is imminent, with a target set at $3,500.

Courtesy: Michael van de Poppe

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.

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 date 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

The post Ethereum Price Jumps to $2,400 With Few Hours to Dencun Upgrade appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am