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Crypto News: The Ethereum cryptocurrency has recently witnessed an impressive surge, with its price soaring towards the $2400 mark. This rally is fueled by the excitement surrounding the imminent deployment of the Dencun upgrade, a significant development within the Ethereum ecosystem. As of now, ETH Coin is trading at approximately $2,423.3, showing a 2.60% increase in the last 24 hours. Ranked as the second-largest cryptocurrency, it boasts a market cap of $291 million.
As per report by global financial institution Standard Chartered, the ETH Coin is anticipated to surge to $8,000 by 2026, signifying an impressive growth of around 238%. Looking further ahead, the report hints at the possibility of ETH Coin reaching a remarkable price of $35,000 in the long term, reflecting a staggering growth of over 1380% from its present levels.These projections provide insights into the potential fluctuations in ETH Coin's value, offering a glimpse into the dynamic nature of the crypto price market.
Ethereum is gearing up for its much-anticipated Dencun upgrade, marking a pivotal step with its successful integration into the Holesky testnet. This advancement serves as the final checkpoint before the upgrade is set to go live on the mainnet next month. However, the Holesky testnet integration was accomplished around 6:35 a.m. ET, additional testing is on the horizon to ensure a seamless transition.
The Dencun upgrade has followed a phased approach, with prior deployments on the Goerli testnet on January 17 and the Sepolia testnet on January 30. Today's Ethereum All Core Developers call is poised to finalize the mainnet deployment date, with expectations pointing to an early to mid-March rollout, as reported by The Block.
Dencun is a culmination of elements from the Cancun and Deneb upgrades on Ethereum, with Cancun emphasizing execution layer improvements and Deneb enhancing the consensus layer.
A standout feature of Dencun is proto-danksharding (EIP-4844), introducing "blobs" to facilitate temporary storage and access to large off-chain data amounts by Ethereum nodes. This innovation holds the promise of significantly reducing storage requirements and transaction costs for Ethereum decentralized applications (DApps), particularly benefiting Layer 2 rollup chains by enabling more cost-effective and scalable data processing.
The introduction of proto-danksharding represents a notable stride in Ethereum's capabilities, following the success of its previous major upgrade, Shapella, in April 2023. Shapella marked a milestone by allowing users and validators to withdraw their staked ether on the network, enhancing overall usability and functionality. As Ethereum price continues to evolve, Dencun stands poised to bring about substantial improvements, reinforcing its position as a leading blockchain platform.
The future direction of Ethereum (ETH) is contingent on its ability to surpass the $2,450 resistance. Should this hurdle prove insurmountable, a potential downward correction may ensue. Initial support is identified around the $2,425 mark, with subsequent crucial support at $2,400 or the existing trend line. A breach beneath $2,400 might lead to a decline towards $2,375, followed by a pivotal support level at $2,350. Further downturns could steer the price towards $2,240.
Hourly MACD: In the positive zone, the MACD for ETH/USD is losing strength.
Hourly RSI: The ETH/USD RSI is currently above the 50 mark.
$2,375 is the major support level.
$2,450 is the major resistance level.
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