Ethereum surged to $4,000, marking its first milestone since December 2021, amidst a market uptrend. However, the climb was short-lived as Ethereum’s price dipped to $3,900 shortly after, with traders securing their profits.
This price movement coincides with an overall bullish sentiment in the market, although Ethereum’s trading volume saw only a modest 10% increase, indicating a preference among long-term investors to hold onto their assets.
Bitcoin also reached a new all-time high of $70,000, while Ethereum-based meme coins like Shiba Inu experienced substantial gains, with SHIB rising over 150% weekly.
The excitement surrounding Ethereum is fueled in part by anticipation for the forthcoming Dencun upgrade, scheduled for launch next Wednesday. This upgrade aims to improve Ethereum’s scalability and efficiency, potentially driving further appreciation in ETH’s price.
The Dencun upgrade represents a significant milestone in Ethereum’s development, offering solutions to some of the network’s long-standing challenges.