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 reduction of 99.95%.
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 been showing growth recently, gaining 4.8% in the past seven days. According to data from CoinGecko, ETH is trading at $3,150 at the time of writing. ETH has risen 68.5% since the beginning of the year, recently regaining the $3,100 level.
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Ethereum price prediction for May
As investors and traders closely monitor Ethereum price trends, Changelly's crypto experts have shared their predictions for May. According to their analysis, ETH is expected to reach a minimum price of $3,271 and a maximum price of $3,399. The average price he is expected to be $3,335.
This prediction makes it clear that ETH is unlikely to reach the $4,000 level by May. The recent surge in Ethereum price is mainly due to the pump after the recent BTC retrace. ETH's trajectory remains uncertain as Bitcoin once again shows increased volatility.
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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.
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