Ethereum (ETH) Approaches $3,000 Ahead of Dencun Upgrade
On February 19, Ethereum (ETH) nearly reached the $3,000 mark amid community anticipation ahead of the Dencun upgrade.
Ethereum (ETH) Approaches $3,000 Ahead of Dencun
As of February 19, ETH peaked at $2,984. Currently, it is hovering around $2,915, with a market capitalization of $350 billion.
Chart of ETH/USDT on the 15-minute timeframe on Binance captured at 11:00 AM on February 20, 2024.
Despite a nearly 20% increase over the week, on-chain data indicates a whale continues to accumulate a substantial amount of Ethereum (totaling 54,721 ETH) at an average price of $2,845. This accumulation reinforces bullish sentiments for Ethereum in the near term.
The recent price surge of Ethereum has been primarily driven by positive sentiment surrounding the upcoming significant upgrade, Dencun, scheduled for March 13. Readers can explore the enhancements Dencun will bring in the article below.
Read more: What's noteworthy about Ethereum's upcoming Dencun upgrade?
Furthermore, the approval progress of an Ethereum spot ETF is another hotly discussed topic. Although the SEC has not shown signs of approving such an asset class, analysts predict a 50% likelihood of an Ethereum spot ETF approval by May, with a "near certainty" within the next year.
Alongside ETH, solutions like liquid staking for Ethereum have also benefited from these positive developments. According to Dune Analytics, Lido Finance currently dominates the staking asset market share on ETH at 31%, with stETH (ETH's wrapped token on Lido) seeing a similar 4% increase in the past 24 hours.
Total Value Locked (TVL) across projects in this segment has surged by 300% over the past year, reaching $5 billion. Besides Lido, liquid staking protocols such as Rocket Pool, ssv.network, and Stader are becoming familiar names among investors following Ethereum's successful implementation of The Merge.
