Major Ethereum Update on March 13th Set to Trigger 50% Price Surge

Ethereum has witnessed an impressive surge in its price, surpassing that of Bitcoin and indicating a bullish momentum. There are high expectations for ETH to reach $3,000, with speculation about it hitting $5,000 due to the upcoming Dencun upgrade next week. This upgrade holds great significance for ETH, as the Spot ETH ETF may face a delay from the SEC due to regulatory issues.

Duncan Upgrade Ready to Go Live, What’s New?

Ethereum is gearing up for the highly-anticipated ‘Dencun’ upgrade, which has been confirmed by ETH developers to go live on the mainnet on March 13. This news was revealed during a bi-weekly call with Ethereum developers. The Dencun upgrade, also known as a “hard fork,” will take place at slot 8626176 or 13:55 UTC on March 13. This timing needs to be officially approved by developers and verified through GitHub, the open-source software platform.

With the introduction of Dencun, Ethereum will bring in “proto-dank sharding.” This innovative approach will reduce rollup transaction fees by utilizing data “blobs” for storing data. As a result, Ethereum data access will become more affordable with lower transaction fees, making platforms like Celestia, Avail, and EigenDA more appealing to developers.

However, each testnet is designed to replicate the mainnet conditions, enabling developers to efficiently identify and resolve any glitches before the upgrade is made available to the public. This strategy ensures minimal disruption to the system.

Will ETH Price Surge or Experience a “Sell the News” Event?

Ryan Berckmans, a notable Ethereum investor and community member, believes that ETH could reach $27,000 in the upcoming bull cycle. He suggests that there will be less selling pressure from miners after the upgrade, which could lead to a price surge. Additionally, he has high expectations for Ethereum’s scaling upgrades and the potential impact of the US presidential election on crypto prices.

On the other hand, there might be a short-term correction before the surge during the Dencun upgrade. Historical patterns indicate that Ethereum’s price may initially decline due to a “sell the news” event, similar to what was observed after the Merge event in September 2022.

However, despite the presence of short positions, the ETH price could gradually recover and possibly retest the $2,000 level in March.

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