Crypto News – With gains beyond anything observed in the previous 18 months, Ethereum (ETH), the second-largest cryptocurrency in the world, is rising rapidly.
ETH Price Hits 18-Month High as Ethereum Dencun Hardfork Approaches
With a $283 billion market capitalization as of the time of publication, ETH is up 5.74% at $2,363. Certain investors have already shared $3,500 price goals for ETH in the midst of the recent market push.
There are fears of a possible bull trap among cryptocurrency traders right now. The focus now turns to Ethereum and other altcoins, which are seeing notable increases in value once more, while Bitcoin has temporarily slowed down.
ETH Rises This High For The First Time Since 2022 According To Santiment Data
The behavior of exchange and non-exchange wallets differs, according to on-chain data. With 54.6 million ETH, the top 150 non-exchange wallet addresses currently possess the largest Ethereum stockpile ever. Conversely, the amount of ETH held in exchange wallets has decreased to 9.3 million, the lowest level in five years.
Ethereum has reached $2,349, its highest level since June 2022, according to on-chain analytics source Santiment. A positive picture of a long-term upward trend is suggested by the encouraging combination of the long-term trend indicating a rise in wealth for the top non-exchange whale wallets and a decrease in sell-off power for the top exchange whale wallets.
Developers brought up the fact that provided all goes according to plan, Ethereum is on schedule to carry out the Dencun fork of the Goerli testnet in January 2024 during the most recent ACDE meeting. Most teams are ready to go live with the testnet fork, and preparations are underway for a larger-scale Goerli shadow network fork in the upcoming weeks.
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