Ethereum’s value remains steady above the $3,200 mark, buoyed by Bitcoin’s upward trajectory and anticipation surrounding the impending Dencun upgrade. ETH is currently trading at $3,375, showing a modest 0.27% increase over the past 24 hours, reaching $3,257. Over the last week, Ether has surged by 11%, aligning closely with Bitcoin’s 16.3% price surge during the same period.
The positive momentum in Ethereum can be attributed to Bitcoin’s recent milestone, surpassing $57,000 on February 27 for the first time since November 2021. Given the historical correlation between the two leading cryptocurrencies, Bitcoin’s surge has instilled confidence among Ether investors.
Furthermore, anticipation surrounding the Dencun upgrade, scheduled for March 13, is also contributing to Ether’s bullish trend. The upgrade aims to enhance Ethereum’s scalability and reduce transaction costs by introducing proto-danksharding, a mechanism for temporarily storing transaction data in a more cost-effective format.
Additionally, the surge in Ethereum futures open interest on Binance, reaching a record high of $3.88 billion on February 26, reflects growing demand for Ether leverage. This heightened interest in Ether futures has propelled the total open interest in Ethereum futures to $10.54 billion.
Overall, the combination of Bitcoin’s rally, anticipation for the Dencun upgrade, and increased interest in Ether futures underscores the positive sentiment surrounding Ethereum’s current price action.