The Ethereum network has recently undergone significant change. This includes the highly anticipated transition from a proof-of-work mining model to a proof-of-stake model on September 15, 2022.
This shift has resulted in a remarkable 99.95% decrease in energy consumption, positioning Ethereum as a leader in sustainability and environmental friendliness within the blockchain industry.
Following this milestone, the network also implemented the Dencun upgrade a few days ago, which aimed to further enhance its functionality and performance. However, in the wake of this upgrade, the price of Ethereum (ETH) has experienced a notable decline, dropping below the psychologically significant $4,000 level.
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Despite displaying impressive growth recently, surging past $4,000, ETH has since plunged alongside the broader cryptocurrency market. At press time, ETH is trading at $3,641, representing an 8% drop in value over the last 24 hours. Nevertheless, the second-largest cryptocurrency by market capitalization remains up by an impressive 115% year-to-date.
Ethereum Price Prediction for the Weekend
As investors and traders closely monitor Ethereum’s price action, cryptocurrency experts at Changelly have shared their predictions for the upcoming weekend. According to their analysis, ETH is expected to reach a minimum price of $3,857 and a maximum price of $3,926, with an average price of $3,900.
The recent surge in Ethereum’s price has been largely attributed to the growing expectations of ETH exchange-traded fund (ETF) approval. However, the current market sentiment, coupled with Bitcoin’s struggle to push further highs, has dampened the likelihood of ETH surpassing the $4,000 mark this weekend.
Despite the recent price setback following the Dencun upgrade, Ethereum remains one of the most promising and influential blockchain projects in the cryptocurrency space. Its robust ecosystem, which hosts a wide array of decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible tokens (NFTs), continues to drive innovation and adoption.
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However, Ethereum also faces challenges, such as high gas fees and scalability issues, which have led to the rise of competing blockchain networks.
While the recent drop in Ethereum’s price following the Dencun upgrade may be disappointing for some investors, it is essential to view the cryptocurrency market’s volatility in the context of its long-term potential.
Ethereum’s fundamental strengths, including its large developer community, robust ecosystem, and commitment to sustainability, position it well for future growth and adoption.