Ethereum

After the successful deployment of the <a href="https://finbold.com/2-days-ahead-of-ethereums-shapella-upgrade-what-to-expect/" rel="noopener noreferrer nofollow">Shapella upgrade</a> that enabled <a href="https://finbold.com/guide/cryptocurrency-staking-guide/" rel="noopener noreferrer nofollow">staking</a> withdrawals, the Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) development team is preparing for the launch of the Dencun upgrade, expected in late 2023, which promises to bring lots of new updates and could even lead to an ETH price hike.Specifically, ‘Dencun’ is a joint term for two major <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> upgrades – Cancun, which is the upgrade to Ethereum’s execution layer (EL), and Deneb, which refers to the consensus layer (CL) upgrade, as described in an <a href="https://etherworld.co/2023/06/24/dencun-unveiling-the-upcoming-network-upgrade-with-finalized-specifications/" rel="noopener noreferrer nofollow">article</a> published by Ethereum-focused <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> news site EtherWorld on June 24.As it happens, the Cancun upgrade introduces several Ethereum Improvement Proposals (EIPs) focused on improving storage, scalability, and optimizing gas efficiency, such as through the regulation of block rewards and delaying the gradual increase in Ethereum mining difficulty for a smooth transition to Ethereum 2.0.At the same time, Deneb focuses on expanding the size and efficiency of the Ethereum <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a>, with one notable EIP that aims to upgrade its proof-of-stake (<a href="https://finbold.com/guide/cryptocurrency-staking-guide/#ProofofStake_vs_ProofofWork" rel="noopener noreferrer nofollow">PoS</a>) consensus algorithm toward increasing its power and improving user experience.<h2 id="header-0">Ethereum price analysis</h2>While the Ethereum <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> community eagerly awaits this major overhaul, the price of the second-largest <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> by market cap is currently $1,888.99, recording an increase of 1.13% in the last 24 hours, 0.49% across the previous seven days, and 1.19% in its monthly chart, as per data on June 30.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b52633041986491abea16c230aa5ae14.png" />ETH 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">Finbold</a>Taking into account all the advances and innovations that Dencun aims to unlock, the price of Ethereum could react to this major upgrade as it nears, as well as after the development team fully deploys it, particularly as the token continues to <a href="https://finbold.com/ethereum-is-gaining-investors-confidence-as-go-to-asset-for-passive-income/" rel="noopener noreferrer nofollow">gain investors’ confidence</a> as a go-to asset for passive income.Indeed, taking into account the best-case scenario data from the historical <a href="https://finbold.com/guide/ethereum-rainbow-chart-eth-price-prediction/" rel="noopener noreferrer nofollow">Ethereum Rainbow price chart</a> patterns, the price of ETH, as the end of the year nears, could actually skyrocket toward $5,000 and even end up in the zone of around $7,000. However, if a more <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart pattern</a> reoccurs, then ETH could well remain in the $1,880 area.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Ethereum Dencun upgrade coming; Can it send ETH to $5,000?

Table of Contents

Finbold

Other articles published on Jun 30, 2023

Crypto Projects are ‘Hit’ by the US Regulators’ Approach: Says Ethereum Founder

Ripple Legal Counsel Wants SEC and Chair to Be Held Accountable

South Korea passes a Crypto bill to insure customer funds and maintain a reserve capital

SEC finds spot bitcoin ETF applications lacking in details

SafePal Wallet Integrates Polygon zkEVM, Empowering a Limitless Crypto Adventure

Apple Ascends to Unprecedented Heights: $3 Trillion Market Cap

Join our free newsletter for daily crypto updates!