Ethereum Reaches A 19-Month High Amid Dencun Preparations

Ethereum (ETH) has pinned down everyone's interest by achieving an astounding 19-month high, currently trading at $2,370 and up 4.16%. This increase coincides with the highly expected Dencun Hardfork in January 2024.

Source: CoinMarketCap

The price of Ethereum has risen significantly in the last two months, indicating a strong resumption of bullish activity. Investors are upbeat, with some setting lofty $3,500 targets if Ethereum remains above $2,157.

Investors are keeping a close eye on Ethereum as it continues to break down hurdles. Notably, major players including Grayscale, BlackRock, and VanEck are eagerly anticipating clearance for Spot Ethereum ETFs, demonstrating institutional investors' growing interest.

„ACDE#176 happened earlier today: we discussed the state of Dencun, timelines for testnets, and how to approach planning the following network upgrade, “ Santiment wrote.

Santinment's recent tweet highlights some fascinating contrasts in the wallet mechanics of Ethereum. Top non-exchange wallets have reached a new high of 54.6 million ETH, while exchange wallets have reached a five-year low of 9.3 million ETH. This move shows that money is growing outside of markets, and there is less selling pressure.

The price of Ethereum has risen to $2,349, the highest since June 2022. This fascinating dance between non-exchange and exchange wallets suggests favorable trends: more wealth accumulating in non-exchange wallets and less selling pressure from exchange wallets.

Countdown to Dencun fork

A recent ACDE conference offered light on Ethereum's imminent Dencun fork, which is set to take place in January 2024. Development teams are well-prepared for the Goerli network testnet fork, which will pave the way for a larger Goerli shadow network fork in the coming weeks.

Dencun promises to improve data availability for layer-2 rollups using proto-dank sharding. This technological advancement intends to reduce transaction costs, providing users with a more cost-effective experience. Dencun also provides scalability, gas fee optimization, enhanced network security, and different updates in addition to cost savings.

The Ethereum Foundation urges users to continue using Goerli for stable testnet settings and to begin the migration process as soon as possible. However, there are concerns that important validators will leave, thereby affecting stability. During this changeover period, development teams are deep into testing, addressing critical areas such as delayed finality, inactivity leaks, and mass slashings.