Ethereum‘s value is on the rise, outpacing the overall cryptocurrency market’s growth. In the last day, its price ascended to the $2,400 level, despite regulatory delays. Investment firms Invesco and Galaxy Digital’s efforts to secure approval for an Ethereum-based spot ETF were postponed by the SEC, yet Ethereum’s price remained buoyant.
Anticipation Builds for Dencun Upgrade on Testnet
Ethereum is set to undergo a significant test with the imminent Dencun upgrade on the Holesky test network. As the final testnet fork before the anticipated leap to the mainnet, all eyes are on the success of this deployment.
Expected to be operational on the mainnet in March, the Dencun upgrade represents a milestone in Ethereum’s ongoing development. Key updates on the official mainnet launch are slated to be released in the upcoming AllCoreDevs meeting.
Analyst Predicts Ethereum Price Surge to $3,500
Market analyst Michael van de Poppe has shed light on Ethereum’s potential, speculating a price target of $3,500 amid the high anticipation of the Dencun upgrade. His sentiment reflects a broader market underestimation of Ethereum’s impact and future trajectory.
Further insights by Bloomberg Intelligence analyst James Seyffart suggest that the SEC’s approval process for an Ethereum spot ETF, with a focus on VanEck’s deadline, may see further delays. Despite regulatory hurdles, Ethereum’s trading volume surged over 20% to $9 billion, with its price reaching $2,364, ahead of the upgrade.