Skip to content

Ethereum Dencun upgrade goes live; Can ETH hit $5k?

Ethereum Dencun upgrade goes live; Can ETH hit $5k?

While Bitcoin (BTC) has been taking the bulk of the attention in the ongoing crypto market rally, Ethereum (ETH) has been far from idle. 

Not only has it seen a major price increase through the previous months that has taken ETH to highs not seen since late 2021, but the development team has continued actively rolling out upgrades.

The most recent of these, the Dencun upgrade, went live on Wednesday, March 13, and is primarily aimed at bolstering the efficiency of the blockchain’s mechanisms for storing information with the ultimate goal of drastically reducing gas fees.

Can ETH hit $5k after the Dencun upgrade?

While the Dencun upgrade has been highly anticipated, it is only the latest in the string of developments expected to help propel Ethereum to $5,000. 

The world’s second cryptocurrency is well-positioned to soon test a new all-time high both due to the technical improvement and the pending spot Ethereum exchange-traded fund (ETF) decision – with the chances of approval bolstered by the approval of spot BTC ETFs in January 2024 – according to Michaël van de Poppe, a prominent crypto trader and analyst.

Still, despite resistance on ETH’s path toward $5,000 rapidly thinning, it will face a challenge in overcoming the area between $4,522 and $4,646 in which 600,000 addresses hold more than $1.6 million Ethereum, per the information shared by another crypto expert, Ali Martinez, on X.

Ethereum price chart

While it remains to be seen whether Ethereum will soon reach $5,000, ETH has certainly been one of the major beneficiaries of the ongoing crypto market rally. In the last 52 weeks, Ether rose 136.93%, and it surged 73.92% since the start of 2024.

Ethereum’s more recent performance has also been positive and ETH is up 50.85% in the last 30 days, and the latest 24 hours of trading saw it, despite a massive whipsaw, stay in the green by 0.10%, and land at the press time price of $4,004.05.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.