In recent times, the Ethereum network had experienced significant changes, with its price structure also showing notable fluctuations in line with the overall market.
The recent Dencun upgrade, also called Cancun-Deneb, was rolled out a couple of weeks ago on Ethereum (ETH) with the aim of enhancing the functionality and performance of the network, (which includes scalability, efficiency, and security), by introducing several improvement proposals (EIP).
Nevertheless, after this improvement, the value of Ethereum (ETH) has dropped, nearing the $3,000 price threshold.
Despite the descending wedge pattern and a lower low structure, ETH experienced growth recently, with a 0.48% increase over the past day.
As of the time of writing, ETH is priced at $3,077.5, as per Trading View data. ETH has experienced a 34.07% increase since the beginning of the year, as well as a 28.96% rise in the past three months, and has recently surpassed the $3,000 mark again.
Based on the analysis, ETH is projected to hit a target of $3,240 and a higher target of $3,370 depending on buyer backing. Not rising could benefit bears, resulting in price declines to $2,895 and $2,740, respectively.
The recent Dencun upgrade, also called Cancun-Deneb, was rolled out a couple of weeks ago on Ethereum (ETH) with the aim of enhancing the functionality and performance of the network, (which includes scalability, efficiency, and security), by introducing several improvement proposals (EIP).
Nevertheless, after this improvement, the value of Ethereum (ETH) has dropped, nearing the $3,000 price threshold.
Despite the descending wedge pattern and a lower low structure, ETH experienced growth recently, with a 0.48% increase over the past day.
As of the time of writing, ETH is priced at $3,077.5, as per Trading View data. ETH has experienced a 34.07% increase since the beginning of the year, as well as a 28.96% rise in the past three months, and has recently surpassed the $3,000 mark again.
Based on the analysis, ETH is projected to hit a target of $3,240 and a higher target of $3,370 depending on buyer backing. Not rising could benefit bears, resulting in price declines to $2,895 and $2,740, respectively.