As the broader cryptocurrency market continues to consolidate, Ethereum is on an upward trajectory in the last 24 hours. Despite the SEC delaying the approval of a spot Ethereum ETF from Invesco and Galaxy Digital, Ethereum’s price rose to the $2,400 level earlier today but then retracted slightly.
The Arrival of Ethereum’s Dencun Upgrade
A significant development is expected in the Ethereum ecosystem in the coming hours. The Dencun integration will go live on the Holesky Ethereum test network within the next few hours, and the world is anticipating a smooth rollout.
This upcoming event marks the last testnet fork before the expected mainnet deployment, and an official mainnet launch date announcement is anticipated during tomorrow’s AllCoreDevs updates. Industry experts are expecting the mainnet to be activated within March.
The Ethereum Dencun Upgrade highlights Ethereum’s continuous progress and commitment to innovation, aside from Bitcoin‘s dominance in the altcoin and project space for years.
Will Ethereum Price Hit $3,500?
Recently, renowned analyst and investor Michael van de Poppe conducted an ETH analysis. According to his analysis, particularly with the approaching Dencun upgrade, there is a spotlight on the impending activity for Ethereum (ETH). Van de Poppe believes that a price increase for Ethereum is closer than expected, and according to the analyst, the price target is calculated at $3,500.
Pointing out Ethereum’s potential, van de Poppe emphasized that the market is underestimating the significance of the project and the altcoin, despite Ethereum’s current top position. He also added his commitment to the Ethereum ecosystem and suggested that a significant driving force could emerge in the coming months.
James Seyffart, a Bloomberg Intelligence analyst who has been vocal in the spot Bitcoin ETF process, indicated that delays in the approval process for a spot Ethereum ETF could continue in the coming months.
According to Seyffart, the focus of Ethereum spot ETFs is currently on the deadline set by ETF issuer VanEck, which is in the approval process with the SEC, slated for May 23.
While all this is happening, the price of ETH has risen by 1.5% to $2,364 at the time of writing. The trading volume has also increased by over 20% to $9 billion ahead of the upcoming upgrade. The overall volume has risen to $284 billion due to the price increase.