Ethereum Price Targets All-Time High (ATH) in March with the Dencun Upgrade
After conducting extensive research and careful planning, the core developers of Ethereum (ETH) are set to activate the highly anticipated Dencun upgrade on the mainnet today. In an earlier announcement, the Ether core developers revealed that the Dencun upgrade will be implemented at epoch 269568.
In light of this upcoming upgrade, Ethereum node operators and stakers are urged to upgrade their software to ensure a smooth transition.
The Dencun upgrade is considered to be the most significant update since Ethereum transitioned from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus method through the merge event and the Shanghai upgrade. As such, users can expect notable changes, particularly within the vast ERC-20 ecosystem.
Notably, the Dencun upgrade will bring about several network changes, with the most significant one occurring in Ethereum’s consensus layers, also known as Layer Twos (L2). Through the implementation of ephemeral data blobs with the EIP-4844, or protodanksharding, Ethereum’s L2 networks will experience reduced transaction fees.
Furthermore, the Dencun upgrade introduces other changes, such as transient storage opcodes through EIP-1153, a beacon block root in the EVM via EIP-4788, and MCOPY (memory copying instructions) as outlined in EIP-5656.
The impact of the Dencun upgrade extends beyond the Ethereum network itself. The continuous growth and development of the Ethereum network have solidified its position as the leader in the smart contract and web3 ecosystem. Market data reveals that the Ethereum network currently holds more than $57 billion in Total Value Locked (TVL) and dominates the stablecoins market cap.
As a result, the price of Ethereum has experienced a remarkable surge of over 82 percent in the past five weeks, reaching approximately $4,047 during the London session on Wednesday. With Bitcoin displaying signs of short-term weakness that may lead to a market correction, Ethereum’s price is well-positioned to rally towards its all-time high in the coming weeks.
Tags: Ethereum