Markets News Report
February 20, 2024

Ethereum Price Rallies to $3K as Ethereum ETF Approval and Dencun Upgrade Anticipation Soars

In Brief

Ethereum (ETH) price rallied to $3,000 amid anticipation surrounding the Ethereum ETF approval and upcoming Dencun upgrade.

Ethereum Price Rallies to $3K as Ethereum ETF Approval and Dencun Upgrade Drive Anticipation

Ethereum (ETH), the second largest cryptocurrency by market capitalization, surged to $3,000 in price value. Market analysts and investors are attributing Ethereum‘s rise to the anticipation surrounding the Spot Ethereum ETF approval. The cryptocurrency market is currently filled with anticipation.

With a mere 94 days left until the expected approval, investors are eager to comprehend the potential ramifications of Ethereum’s trajectory and the overarching market dynamics.

In the preceding week, Ethereum demonstrated a surge of over 16%, driving its value beyond $2,900, marking a milestone not seen in nearly two years. At the time of writing, Ethereum is trading at over $2,958.

As reported by the Metaverse Post team, decentralized blockchain Ethereum’s core developers completed the implementation of the Dencun upgrade on the Holesky testnet, signifying the concluding phase of Ethereum’s testnet enhancements before the expected mainnet deployment in the upcoming month.

Dencun Network Upgrade – A Positive Driver Behind Ethereum Rally

According to the Ethereum execution client Nethermind, the Dencun upgrade was initiated on the Holesky testnet. Dencun integrates both the Cancun and Deneb upgrades on the Ethereum network. Moreover, the introduction of the Dencun upgrade is expected to bring substantial benefits to blockchain rollups.

It is set to offer additional block space and cost reductions for Layer 2 scaling solutions as it will implement a change in data storage practices, discarding data previously stored on-chain after two weeks.

Recently, Ethereum developers convened over Zoom for the All Core Developers Execution (ACDE) Call #181 on February 15, 2024, with the intent to deliberate and coordinate changes to the Ethereum execution layer (EL), shaping the future of the Ethereum network. Tim Beiko, Ethereum Foundation’s (EF) Protocol Lead, chairs the bi-weekly meeting.

One of the critical points of this week’s discussions was the imminent mainnet activation of the Dencun upgrade. Further to this, retroactive Ethereum Improvement Proposals (EIPs) were also on the agenda, with particular attention given to EIPs 7610 and 7523. EIP 7610, discussed by Hedera Hashgraph engineer and Besu client maintainer Danno Ferrin, seeks to amend smart contract creation rules, retroactively applying them to all prior Ethereum blocks.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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