Crypto whales target Ethereum (ETH) investment, as Ethereum devs announced “Dencun upgrade date”

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Ethereum developers announced 13 March as a fixed date for Ethereum’s long-awaited Dencun upgrade. 

The current trade price of the Ethereum (ETH) coin is $2,451 & this trade price is 6.76% higher over the last 7 days of trade price.

In the latest, the Ethereum community developers announced that the Ethereum mainnet network will go through a long-awaited Dencun upgrade on March 13, at 1:55 pm (UTC). 

Developers already tested this upgrade on the Ethereum testnet blockchain, on 7 Feb 2024. 

With this upgrade. devs will introduce ‘blobs’, which are spaces within blocks allowing more information to be stored while maintaining block finality times. In short Ethereum block capacity will increase with this upgrade.

It will mainly help all the Ethereum layer-2 blockchain networks. Layer-2 networks will be able to reduce the fee on the network by 10 times. 

Ethereum staking new milestone

As per available on-chain data reports, the currently 30 million ETH coins are in staking. In short 25% of the circulating supply of Ethereum is supporting the Ethereum network transactions on PoS consensus.

The total valuation of 30 Million ETH is nearly $73 billion at the current trade price of ETH coin. At present, 1 million validators are actively supporting the Ethereum network via the staking process.

Data showed that ETH staking surged rapidly in the last couple of weeks, following the development activities around the Dencun upgrade. 

Popular crypto analyst & trader Ali Martinez shared his analysis and said that withdrawal of ETH from the crypto exchanges surged rapidly in the past few weeks and this is a very big sign that sell pressure in the Ethereum market is decreasing rapidly.

Read also: Bitcoin hits $46k & moving toward $48k but analysts warn “crash coming soon”