Ethereum Price Rise To $2,400 Amid Dencun Upgrade

Ethereum price surge occurred due to the imminent Dencun integration on the Holesky Ethereum testnet with the launch date anticipated.

During the past twenty-four hours, Ethereum price has been on an upward trend, although the cryptocurrency market as a whole has been consolidating. Despite the SEC delaying the certification of the spot Ethereum ETF from Invesco and Galaxy Digital, Ethereum price has increased to $2,400 earlier today.

Within the next few hours, the Dencun integration will become operational on the Holesky Ethereum testnet, a massive development for the Ethereum ecosystem and a good boost for Ethereum price.

An official statement on the launch date of the mainnet is highly anticipated during tomorrow’s AllCoreDevs call. This milestone marks the final testnet fork before the planned mainnet deployment.

According to those with knowledge of the industry, the rollout of the mainnet is most likely to take place between the beginning and the middle of March. The fact that EIP-4844 will soon be put into effect deserves special attention.

This capability will implement blob-carrying transactions to significantly decrease the costs associated with Layer 2 (L2) rollups. Blobs, sometimes called binary huge objects, enable managing large data packets off-chain effectively.

This results in an increase in the data throughput of the network and a reduction in the amount of storage that is required. By implementing the Ethereum Dencun Upgrade, Ethereum demonstrates its commitment to continuous innovation and advancement.

Dencun is well positioned to significantly bolster Ethereum’s position as a leading blockchain platform by emphasizing scalability by implementing proto-danksharding, enhancing network efficiency, and enhancing security measures.

Michael van de Poppe, a notable crypto analyst, recently analyzed the imminent increase for Ethereum (ETH), particularly as the Dencun upgrade gets closer.

Ethereum price is expected to skyrocket shortly, according to Van de Poppe, who has aimed for $3,500. However, van de Poppe stressed that the market is now undervaluing the significance of ETH, although he expressed trust in Ethereum’s eventual benefits and Ethereum price.

In addition, he revealed his strong affinity for the Ethereum ecosystem predicting that it will be a significant driving force in the coming months due to its potential.

James Seyffart, an analyst at Bloomberg Intelligence has noted that he continues to anticipate additional delays in the approval of spot Ethereum exchange-traded funds in the months to come.

VanEck another ETF issuer seeking approval from the SEC has established the ultimate cutoff date for Ethereum spot ETFs. This date marks the focal point for Ethereum spot ETFs at the moment. Coingecko conducted a study that found that Europe is the leader in the worldwide Ethereum exchange-traded fund (ETF) market, having an 81.4% stake.

With assets under management (AUM) totaling $4.6 billion, the area is home to thirteen exchange-traded funds (ETFs) backed by Ethereum. These ETFs cover both spot products and futures funds. With a total asset under management (AUM) of $949 million, Canada is also a key player in the Ethereum exchange-traded fund (ETF) market.

Investors from Canada are increasingly turning to exchange-traded funds (ETFs) to enter the cryptocurrency market. There are 27 exchange-traded funds (ETFs) that offer both spot and futures funds, and the total worldwide assets under management (AUM) for ETH ETFs hit $5.7 billion as of February 2nd.