Ethereum's price has reached an impressive $3,000, spurred by high hopes for the Ethereum ETF's approval alongside the eagerly awaited Dencun upgrade.

Ethereum (ETH), recognized as the second-largest cryptocurrency globally, has surged past the $3,000 threshold. Experts in the market suggest this upward trend is closely linked to the growing anticipation surrounding the approval of the Spot Ethereum ETF, which has everyone buzzing. Ethereum With only 94 days remaining until the expected ETF approval, investors are keenly trying to understand how Ethereum’s future will unfold and the various market trends that might influence it.

Last week, Ethereum experienced a remarkable increase of over 16%, pushing its value above $2,900, a milestone that hasn't been reached in almost two years. As of this moment, Ethereum is trading at more than $2,958.

As noted by the Metaverse Post team, Ethereum's core developers successfully wrapped up the Dencun upgrade on the Holesky testnet, marking a significant step forward in their ongoing improvements before the anticipated mainnet launch next month.

As reported Dencun Network Upgrade – Key Factor Behind Ethereum's Price Surge

The latest developments from Nethermind, an Ethereum execution client, indicate that the Dencun upgrade has been activated on the Holesky testnet. This upgrade merges both the Cancun and Deneb enhancements, promising substantial advancements for blockchain rollups on the Ethereum network.

The Dencun upgrade is poised to offer more block space and lower costs for Layer 2 scaling solutions by introducing a new method of data storage, which involves discarding on-chain data after two weeks.

Recently, Ethereum developers held a crucial meeting via Zoom during the All Core Developers Execution (ACDE) Call #181 on February 15, 2024, to discuss and plan modifications to the Ethereum execution layer (EL), steering the network's future direction. Tim Beiko, who leads the Protocol at the Ethereum Foundation, presided over this bi-weekly gathering.

A highlight of this week's talks was the soon-to-be-activated Dencun upgrade on the mainnet. Additionally, they discussed retroactive Ethereum Improvement Proposals (EIPs), specifically focusing on EIPs 7610 and 7523. Notably, EIP 7610, shared by Danno Ferrin from Hedera Hashgraph, aims to revise the rules regarding smart contract creation, with plans for retroactive application to all prior Ethereum blocks. Ethereum Please remember that the information presented on this page is not meant to provide legal, tax, investment, financial, or other types of advice. It's crucial to only invest what you can afford to lose and seek independent financial counsel if you're uncertain. For more comprehensive insights, we recommend reviewing the terms and conditions as well as the support pages provided by the issuer or advertiser. MetaversePost is dedicated to providing accurate and impartial news, but be aware that market conditions can change unexpectedly.

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