The Ethereum network has undergone notable changes recently. On September 15, 2022, the network transitioned from a proof-of-work mining model to a proof-of-stake model. This transition significantly reduced energy consumption, with a reported 99.95% reduction.
A few days ago, the network implemented a Dencun upgrade designed to improve functionality and performance. However, after this upgrade, the price of Ethereum (ETH) declined and fell below $4,000.
ETH has recently shown growth and was above $4,000. However, the value of this coin has since declined as the cryptocurrency market has expanded. At the time of writing, ETH is trading at $3,321, which represents a 6.6% decline in the past 24 hours. Despite this recent decline, ETH is still up 83% year-to-date and remains the second-largest cryptocurrency by market capitalization.
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Ethereum price prediction for this week
As investors and traders closely monitor Ethereum price movements, Changelly's crypto experts have shared their predictions for this week. According to their analysis, ETH is expected to reach a minimum price of $3,459 and a maximum price of $3,533. The average price he is expected to be $3,500.
The recent surge in Ethereum prices is largely due to rising expectations for the approval of the ETH Exchange Traded Fund (ETF). However, current market sentiment and Bitcoin's struggle to push higher higher make it unlikely that ETH will cross the $4,000 milestone this week. Despite the struggles, ETH is likely to break above the $3,500 level.
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Despite the recent price drop after 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 range of decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible tokens (NFTs), continues to drive innovation and adoption.
However, Ethereum also faces challenges such as high gas fees and scalability issues, which has led to the rise of competing blockchain networks.
While the recent decline in Ethereum prices following the Dencun upgrade may be disappointing for some investors, it is important to view the volatility of the crypto market in terms of its long-term potential.
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Ethereum's fundamental strengths, including its large developer community, robust ecosystem, and commitment to sustainability, position it well for future growth and adoption.
