Ethereum Hits $3500 Days Before The Most Awaited Dencun Upgrade – Will ETH Reach $4000 Soon?
Ethereum (ETH) continues to make waves in the cryptocurrency market as it reaches $3,500 level on Monday, March 4. This shows a 14.78% increase in the last 7 days with only a few days left until the much-awaited Dencun upgrade.
Ethereum has been at its highest peak since January 2022. As the bullish trend continues, everyone is wondering if Ethereum (ETH) will potentially reach $4000 anytime soon.
According to Coingabbar’s price prediction, ETH breaking the $3,500 level indicates potential further gains. Signs also show that ETH could reach $3,600 anytime soon. The breakout from the expanding channel pattern shows increased buyer activity, indicating a more aggressive rally.
Amidst the Ethereum bullish trend, data from LookonChain shows a significant increase in whale activity. The smart whale has executed a series of transactions to capitalize on their new bullish sentiment towards Ethereum. Primarily, the whale investor exchanged 1,500 ETH for 88.68 Wrapped Bitcoin (WBTC), amounting to approximately $4.58 million last February 26.
At the same time, the whale also exchanged the 88.68 WBTC back to 1,597 ETH amounting to $5.57 million based on the current trading price. This transaction resulted in a profit of $338,000.
At this time of writing, ETH is up by 2.11% trading at $3,506.
Meanwhile, the Ethereum Dencun upgrade is now 9 days away from being launched on the Ethereum mainnet. The said upgrade will introduce protodanksharding to the network, which will make transactions much cheaper and more efficient.
Once the upgrade is launched and settlement contracts across all layer-2 networks are updated within a month or two, gas fees on most layer-2s are expected to go down provided that networks pass on these savings to users.
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