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Bittime -Ethereum Dencunupgrademakes ETH prices skyrocket? The price of Ethereum (ETH) managed to break the significant barrier of $3,400 or the equivalent of IDR 53,508,180, driven by positive market sentiment and anticipation of the upcoming Dencun network upgrade. This price increase is in line with analyst predictions which predict an increase in the value of ETH ahead of Dencun.
What is the Ethereum Dencun Upgrade?
Dencun, also known as Cancun-Deneb, is an Ethereum network upgrade scheduled to take place on March 13, 2024. The Ethereum Dencun upgrade aims to address scalability issues that have long limited Ethereum adoption.
Currently, the Ethereum network can only process around 15-30 transactions per second, far less than other blockchain platforms such as Solana which can process thousands of transactions per second.
Dencun will introduce several technical improvements, including the most important of which is the proto-danksharding listed in EIP-4844. Proto-danksharding is essentially an early stage of the sharding concept, which aims to break transaction data into smaller pieces and store them on separate blockchains, thereby reducing the load on the Ethereum mainnet and increasing overall scalability.
While Ethereum users do not need to upgrade their wallets, node operators will have to upgrade their clients to ensure compatibility with the network post-Dencun.
Ethereum Dencun Upgrade Hype Makes ETH Price Jump
ETH has recently seen a surge, rising more than 6% in the last 24 hours and 17.7% over the past week. This bullish trend has resulted in significant profitability for traders and investors, with Santiment reporting an on-chain profit to loss transaction ratio of 2.3 to 1, which favors profitable transactions.
Over 93% of ETH's total supply is currently in profit, reflecting levels last seen in August 2021, near Ethereum's all-time high. This shows investors' strong confidence in Ethereum's future and their anticipation of the positive impact of the Dencun upgrade.
Expert View: Various Catalysts for ETH Price Rise
In addition to Dencun's upgrade, several other factors are believed to push ETH prices higher in the coming year. One of them is the Bitcoin halving event scheduled for May 2024. A halving is an event where the Bitcoin mining reward is halved, which has historically been associated with an increase in price due to a reduction in the supply of new coins.
Another factor is the potential approval of a spot ETH ETF by the United States SEC (Securities and Exchange Commission) in May 2024. An ETF (Exchange-Traded Fund) is an investment product that allows investors to invest in certain assets, such as commodities or cryptocurrencies, without having to buy the asset directly. The approval of a spot ETH ETF could attract more institutional investment into the crypto market, potentially pushing ETH prices higher.
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Ethereum Price Today
Source: Bittime.com
On February 29, 2024, the price of Ethereum (ETH) was at IDR 54,661,063 per coin, up 6.98% in 24 hours, 11% in the last week and 20% in the last month. This increase was driven by several factors, including:
- US purchases on Coinbase: CryptoQuant data shows a significant increase in demand for ETH from Coinbase, a regulated exchange in the US.
- Ethereum ETF Anticipation: Several large investment firms have applied to launch spot Ethereum ETFs in the US, which could attract more institutional investors.
- Increased on-chain activity: Ethereum's on-chain activity, such as the number of transactions and active addresses, has increased significantly in recent months, indicating growing usage of the Ethereum network.
Ethereum (ETH/USD) Technical Analysis
ETH technical analysis shows bullish indicators dominating. Price action is currently above the 50-day and 200-day moving averages, which is a signal of a strong uptrend. However, the Relative Strength Index (RSI) is around 70, which is approaching the overbought region. This indicates a potential short-term price correction before resuming the uptrend. So have you missed the train of the Ethereum Dencun upgrade hype yet?
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn the complete guide on how to buy Ethereum (ETH) on Bittime .
Monitor price chart movements for Ethereum (ETH) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Dencun: An Ethereum Lifeboat to Compete in the Sea of Blockchain
ETC Group Launches Ethereum Staking ETP: New Era to Make ETH Staking More Profitable?
Ethereum Price Skyrockets After US Purchase on Coinbase, Buy ETH Now?
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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