Ethereum Price Poised For 50% Rally With Major Update on March 13th
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Ethereum’s price surge has been impressive, surpassing Bitcoin’s price and signaling bullish momentum. Expectations are high for ETH to reach $3,000, with speculation about hitting $5,000 due to the upcoming Dencun upgrade next week. This upgrade is the biggest hope for ETH as Spot ETH ETF may get delayed by the SEC due to regulatory issues.
Duncan Upgrade All Set To Go Live, What’s New?
Ethereum is gearing up for its much-anticipated ‘Dencun’ upgrade, which is set to go live on the mainnet on March 13, as confirmed by ETH developers. During a bi-weekly call, Ethereum developers have revealed the news. The Dencun upgrade, or “hard fork,” on the leading Ethereum network will occur at slot 8626176, or 13:55 UTC on March 13. This timing must be formally approved by developers and verified through GitHub, the open-source software platform.
With Dencun, Ethereum will introduce “proto-dank sharding.” This innovation reduces rollup transaction fees by using data “blobs,” a new data-storing approach. Ethereum data access will be cheaper with lower transaction fees, making Celestia, Avail, and EigenDA appealing to developers.
However, each testnet is designed to mirror the conditions of the mainnet, allowing developers to detect and fix glitches efficiently before the upgrade is released to the public. This strategy ensures the system experiences minimal disruption.
Will ETH Price Surge, or will it be a ‘Sell the news’ event?
According to Ryan Berckmans, a notable Ethereum investor and community member, ETH could reach $27,000 in the upcoming bull cycle. He noted that there will be less selling pressure from miners post upgrade, reflecting a potential price surge. Moreover, he has high hopes for Ethereum’s scaling upgrades and the impact of the US presidential election on crypto prices.
On the flip side, there might be some short-term correction before the surge during Dencun upgrade. Looking at historical patterns Ethereum’s price may initially decline due to a ‘sell the news’ event, this is similar to what was observed after the Merge event in September 2022.
However, despite short positions, the ETH price could see a gradual recovery, possibly retesting the $2,000 level in March.
