Ethereum Price Surpasses $3,500 as Dencun Upgrade Approaches

The price of the second largest cryptocurrency on the market, Ethereum (ETH), recently surpassed the US$3,500 mark as the Dencun update approached.

The cryptocurrency market has been experiencing a significant upward trend in recent weeks, with Ethereum being one of the biggest highlights among the main altcoins.

With the long-awaited Dencun upgrade approaching, scheduled to be activated on March 13, 2024, Ethereum has managed to surpass the significant price level of $3,500, showing an impressive 60% growth since the asset recorded a low of about $2,200 at the end of January.

At the time of publication, the price of Ethereum was quoted at US$3,524.54, up 2.8% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$19,869,940,912. In the last seven days, Ethereum has seen an increase in its price of 14.6%.

Ethereum Dencun Update Officially Activated on Testnets

In a significant milestone for the cryptocurrency community, the Ethereum Foundation has made an announcement that is generating waves of excitement across the digital sphere: the Dencun upgrade is officially ready to be implemented on the Ethereum mainnet.

This advancement follows the success of its activation on test networks and is scheduled to take the main stage on March 13, 2024, at 1:55 pm UTC. This update is a step beyond Shapella and brings with it a range of significant innovations, including but not limited to the introduction of ephemeral data blobs through EIP-4844, aimed at reducing transaction fees at secondary layers.

The essence of this update lies in its profound changes to both the consensus and execution layers of Ethereum, as outlined in EIP-7569. The protocol changes are robust and include everything from transient storage opcodes (EIP-1153) to the inclusion of the Beacon block root in the EVM (EIP-4788), to Shard Blob transactions (EIP-4844) and several other innovations that aim to optimize network efficiency and security.

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