Ethereum (COIN: $ETH) is a popular cryptocurrency with the second-largest market cap. The Ethereum blockchain went live in the summer of 2015. Its goal is to expand the use of blockchain technology.
Ethereum made possible the creation of decentralized applications, marking an evolution of Bitcoin’s original scope. The blockchain world evolved from just permissionless financial services to a new type of organization structure nestled in the blockchain. Here is the latest on Ethereum.
The Dencun Upgrade
The Ethereum Dencun upgrade will enhance its scalability via rollups while optimizing gas fees. Additionally, it will improve the network’s security. The Dencun upgrade will roll out in Q1 2024, marking a significant milestone in Ethereum’s goal to become a scalable settlement network.
Dencun’s major impact will be to boost data availability for layer-2 rollups via a new technical feature called proto-danksharding. In November 22, Vitalike Buterin, a co-founder of Ethereum, released a roadmap showing the future of Ethereum. He followed that up later with a blog post explaining how the upgrade will improve Ethereum. The developer team has since released the Devnet-8 testnet to activate Dencun proposals.
Polygon POL Upgrades Goes Live on Ethereum Mainnet
Polygon, the leading layer-2 network on Ethereum, recently launched POL contracts on the Ethereum mainnet. The project aims to replace MATIC tokens with POL tokens. However, MATIC holders do not need to exchange their tokens for POL tokens yet.
Ethereum ($ETH) Price Prediction
ETH has been in a price rally since the start of last week. Its price jumped from around $1546 on October 20, 2023, to $1845.36 on October 24, 2023. The nearly $300 price jump has led some to conclude that ETH could be in a major rally. However, bulls must defend key levels for that to become clear.
In the past week, ETH cleared the key hurdles of $1650 and $1727. It resulted in a new hurdle of $1865. Investors should expect a price retraction as ETH finds a new support level. A strong bounce could push the price to the $2000 psychological level and a new range high of $2030. The last time Ethereum tried to overcome the barrier in April 2023, it failed.
Thus, overcoming the $ 2,000 barrier will determine its long-term outlook. If it clears the $2,030 hurdle, it will ensure a clear path to a new critical resistance level of $2442. However, if ETH retracts below the $1650 support level, it could pull back to a low of $1551 or lower.
Lido Finance Controls Most of Ethereum’s Liquid Staking
Lido Finance is now the largest liquid staking market for ETH. It launched after Ethereum began the transition to the proof-of-stake consensus mechanism.
According to Hildobby’s Dune dashboard, there is over $50 worth of staked ETH. Of that, nearly 31 percent is on Lido. Users prefer Lido as it allows those with less than 32 ETH to enjoy staking benefits while also allowing them to stay liquid, thus the term liquid staking pool.
That Is All for Now
Ethereum is one of the most versatile blockchain ecosystems today. The network undergoes periodic upgrades to maintain its competitive edge. At DEX Wire News, we will strive to bring you the latest and most impactful happenings around Ethereum to help you make informed decisions. As with any investment, ETH is prone to market volatility, and you should always exercise great caution.