In a recent market update, prominent cryptocurrency analyst Michal van de Poppe has ignited the crypto community's excitement with his latest forecast: Ethereum ETHUSD ispoised to test new all-time highs. The prediction comes amid a backdrop of significant developments and growing investor confidence, suggesting that Ethereum could soon surpass previous records.

Van de Poppe attributed the potentialupsurge to a couple of pivotal factors. The first is the highly anticipated Dencun upgrade, a development poised to enhance Ethereum's scalability, security and sustainability. This upgrade is seen as a crucial step forward for the Ethereum network, addressing longstanding concerns and laying the groundwork for future growth.

The next in line for a potential all-time high test is #Ethereum.

Why?

- Dencun upgrade.

- Potential Spot ETH ETF approval.

Crucial resistance is approaching, but the $BTC pair has barely moved.

We'll likely see more strength coming from this asset. pic.twitter.com/LyWh8ht9ow Michal van de Poppe (@CryptoMichNL) March 6,2024

Moreover, the possibility of Ethereum spot exchange-traded dund (ETF) approval has added to the fervor. Just like the recently approvedBitcoin spot ETFs, an Ethereum ETF would provide a significant boost to Ethereum's visibility and accessibility, potentially attracting a new wave of institutional investments.

Current Ethereum market dynamics

As Ethereum inches closer to critical resistance levels, its market dynamics present a mix of anticipation and optimism. At the time of this report, Ethereum's pricestood at $3,811, marking a modest increase of 0.48% over the last 24 hours. Despite the slight price movement, the trading volume tells a different story, with a whopping 59.31% surge in the last day, totaling $52.75 billion.

This significant increase in trading volume indicates growing interest in Ethereum, underscoring the market's reaction to the forthcoming developments and the analyst's predictions. It reflects not just retail investor activity but growing interest from institutional players, signaling a robust endorsement of Ethereum's long-term potential.

If Ethereum were to break through its crucial resistance levels, spurred by the Dencun upgrade and thepotential approval of a spot ETF, it could set the stage for unprecedented market activity and valuation. Such a scenario would not only benefit Ethereum but could also have a ripple effect across the broader cryptocurrency market, potentially leading to increased adoption and investment.

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Ethereum (ETH) to Hit All-Time High Soon, Top Analyst Predicts - TradingView

Ethereum (ETH) price reached another 2024 peak at $3,530 around 06:00 GMT on March 4 as strategic traders look to place bullish bets early before ETFs open for trading.

Despite the price upswing, ETH price still appears undervalued relative to the value of capital funneled into the derivatives markets over the weekend.

With Ethereum open interest currently trending at historic peaks, can the bulls capitalize on the positive momentum to drive the rally above $4,000.

Ethereum price appears on the verge of registering on another bullish outing this week. The rapid decline in Bitcoin dominance (BTC.D.) sparked speculations that Ethereum could gain more traction as investors began to increasingly lean into the altcoin markets.

Unsurprising, speculative traders spent the weekend piling on bullish bets on ETH futures markets. Crypto derivatives analytics platform Coinglass open interest charts presents an aggregate of the total value of funds currently invested in derivatives contracts for a specific cryptocurrency asset.

As depicted below, ETH open interest stood at $11.4 billion at the close of trading on March 1. That figure has now increased by $400 million over the weekend, reaching a 3-year peak of $11.8 billion at the time of writing on March 4.

Effectively, this implies that while ETH prices pulled back 6% from $3,500 towards $3,300, speculative traders continued to double down on their bullish positions. Furthermore, the

Theres a widespread anticipation that with over 97% of current BTC holders now in profit, a number of them will likely continue to reinvest some of their gains into altcoins as observed last week.

If this scenario plays out, and Bitcoin ETFs billion-dollar buying frenzy once again sends BTC prices soaring in the coming week, ETH price stands a chance of making another leg-up towards $4,000.

At the time of writing on March 4, Ethereum price is currently trading above $3,500, up 5% from the 24-hour low of $3,365. Drawing inferences from the $400 million capital inflows into ETH derivatives markets over the weekend, Ethereum price looks set to make another attempt at breaking above $4,000 for the first time in 3-years.

However, historical accumulation trend shows that ETH faces stiff resistance around the $3,650 area.

IntoTheBlocks in/out of the money data shows that 1.1 million addresses had acquired 205,890 ETH at the maximum price of $3,572. Considering that theyve been holding at a loss since December 2021, many of those investors could exit as ETH nears their break-even point

But if the bulls can scale that sell-wall, it could generate stronger bullish momentum for a $4,000 retest, as predicted.

Alternatively, the bears could regain control of the markets if they can force a sharp downswing below $3,000. But currently, this seems far-fetched considering the looming support buy-wall mounted at $3,100 territory.

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Ethereum Price Predicted to Hit $4k as Traders invest $400m - crypto.news

Discover how Ethereums Dencun upgrade could enhance security and reduce transaction fees.

The Ethereum (ETH) network is set to receive a major update named Dencun, a blend of two smaller upgrades, Cancun and Deneb. The upgrade is expected to significantly reduce layer 2 (L2) transaction fees and enhance Ethereums scalability, efficiency, and security.

The Ethereum upgrade date is scheduled for March 13, with a Feb. 27 entry on the Ethereum Foundation Blog announcing that it has been successfully activated on all test networks, including Goerli, Sepolia, and Holeky.

quick notes from the eth dev call this morning, acdc #128: dencun all client teams, except lodestar, have released final software versions for the dencun upgrade these versions plus the dencun-ready candidate client for lodestar are currently being tested on one last

So, what is the Ethereum Dencun upgrade? Read on to find out why it is causing so much excitement among the Ethereum community.

In December 2020, Ethereum introduced the Beacon Chain, which brought in the proof-of-stake (PoS) consensus mechanism and allowed for ETH to be stakedthis was essential for moving Ethereum away from the older proof-of-work (PoW) consensus method.

By September 2022, Ethereum had made a big move called The Merge, linking its main network with the Beacon Chain and switching completely to proof-of-stake. In April 2023, the Shanghai upgrade allowed users to withdraw staked ETH, making it easier for validators (people who help verify transactions) to manage their stakes.

On Sept. 28, 2023, Ethereum launched a new testing network called Holeky, which supports 1.4 million validators and is a foundational step for the ETH Dencun upgrade.

Many have asked what is the main goal of Ethereums Dencun upgrade. Looking back, the earlier Ethereum network upgrades were more about laying the groundwork for a more sustainable and secure Ethereum rather than directly tackling the issue of scalability.

The Merge was about moving to a greener and more efficient system of verifying transactions, and the Shanghai upgrade improved how people can stake their ETH. The ETH Dencun update, a fusion of two pivotal enhancements, is seen by many as the culmination of the journey started by previous upgrades to turn Ethereum into a faster, more secure, and more scalable network.

The first part of the upgrade, Cancun, focuses on the execution layerhow transactions are processed and managed. The second part, Deneb, tackles improvements in the consensus layer, which is all about how network participants agree on the state of the blockchain.

The Dencun upgrade brings several technical improvements to solidify Ethereums infrastructure. For instance, it introduces techniques for more streamlined data management and smarter contract security, along with tweaks that promise to make Ethereum run smoothly and cost-effectively for its users.

It also aims to improve the experience for those who stake ETH, making it easier and more beneficial for users to participate in the networks security.

Among Dencuns spotlight features is proto-danksharding, which was introduced through a specific Ethereum Improvement Proposal (EIP) known as EIP-4844. In simpler terms, this feature is about making Ethereum more scalable by efficiently managing large chunks of data.

It employs a method that temporarily holds transaction data, making the process smoother and cheaper.

Traditionally, all transaction data is kept on the blockchain permanently. However, this new approach introduces a way to include large chunks of data (blobs) in transactions without storing them forever.

Its proponents claim it will make processing transactions faster and cheaper, especially for rollups. Rollups bunch several transactions into one, reducing the workload and cost (gas) of recording them on the Ethereum network.

While rollups are already a step forward in managing transactions more efficiently, they still leave room for improvement. Until now, the data collected by rollups had to be stored permanently on the blockchain, taking up space and potentially slowing things down.

Proto-danksharding proposes a way for this data to be temporarily stored and removed after a specific time. It is done by creating a summary (or commitment) of the data, which ensures that even after the detailed data is deleted, the integrity of the transactions is not compromised.

Whats more, this approach means that only temporary storage of data is necessary, significantly reducing the clutter and maintaining the speed and efficiency of the Ethereum network. This temporary storage could last a few months before the data is deleted to prevent an overload of unnecessary information.

The most recent update to Ethereum introduces several EIPs aimed at making the network more secure and efficient.

A standout feature is EIP-4788, which enhances how information travels within Ethereum, particularly improving the connection between its execution and consensus layers. In the past, these layers worked together as separate entities, ensuring that for every block of data in one layer, there was a corresponding block in the other.

However, getting these layers to talk to each other could be quite complicated, sometimes even needing extra help from external services.

With the new upgrade, this process gets simpler by incorporating a summary from the consensus layer directly into the execution layers current block of data. This summary acts like a bridge, allowing direct access to the consensus layers information without needing a middleman, making the system more trustworthy.

Furthermore, this update supports Ethereums apps by keeping a log of these summaries in a smart contract, making it easier to check on the consensus layers status.

Dencun is also on a mission to improve the staking experience on Ethereum.

Proposals like EIP-7044 and EIP-7045 aim to streamline the process of exiting and making attestations, making it more user-friendly. Heres a simple breakdown:

EIP-7044 is expected to simplify earning rewards from Ethereum for those who prefer not to be full validators. Since Ethereum transitioned to a Proof of Stake (PoS) model, individuals can earn rewards by staking 32 ETH. However, those who are not interested in managing the technical aspects of being a validator can opt for delegated staking. With delegated staking, they stake their ETH through a third party while retaining control over their assets. Previously, stopping staking with a specific validator required a pre-signed exit message, which relied on trust. EIP-7044 aims to make these exit messages permanent, providing more security and peace of mind.

Meanwhile, EIP-7045 seeks to improve the Ethereum networks efficiency and competitiveness. For a block to be considered official, it needs validations or attestations from validators. Currently, validators have a limited time window to submit these attestations. However, EIP-7045 proposes to extend this period significantly. This change would allow more validators to earn rewards and, importantly, speed up the confirmation of blocks on the blockchain.

The forthcoming update will also introduce significant cost-efficiency improvements, particularly those highlighted by innovations such as EIP-5656 and EIP-1153.

These changes focus on streamlining smart contract functionality and enhancing temporary storage techniques. Specifically, EIP-5656 introduces an operation code, or opcode, called MCOPY, aimed at boosting the efficiency of memory copying within the Ethereum Virtual Machine (EVM).

This opcode simplifies the process by replacing the previously cumbersome method involving MSTORE and MLOAD opcodes, offering a more streamlined and effective approach.

Further addressing efficiency, EIP-6780 targets the controversial SELFDESTRUCT opcode. While widely used in numerous smart contracts, its problematic nature has caught the communitys attention.

Through EIP-6780, the goal isnt to remove SELFDESTRUCT entirelywhich would impact existing contractsbut to render it obsolete for future applications, effectively sidelining it without direct elimination.

These improvements are all about making Ethereum staking more flexible, secure, and efficient for everyone involved.

Another proposal in the next Ethereum upgrade is EIP-7514, and its all about managing how many new validators can join Ethereum at once. Too many validators joining too fast could cause problems, like making some tasks harder or leading to too much control being in the hands of a few big players.

Next up, we continued a conversation from last week's ACDC call, about whether to add a constant cap to the validator activation queue. The proposal had since then been formalized as EIP-7514: https://t.co/sd4D4GlMRY

EIP-7514 plans to limit how many new validators can start in each epoch (a set period in the Ethereum network) to 8. This change aims to make the growth of validators more steady instead of jumping up fast. Its like inviting only a certain number of people to a party to make sure it doesnt get too crowded.

Another important part of this proposal is that it treats joining and leaving differently. More specifically, the limit only applies to new validators joining, not those wanting to leave.

While it might seem like a small tweak, its an important step to keep Ethereum running smoothly and ensure its ready for future changes and growth. By doing this, Ethereum hopes to maintain its security and decentralization, ensuring no single group has too much power and keeping the network accessible and fair for all users.

While the Dencun upgrade offers promising prospects for enhancing Ethereum, developers are proceeding with caution. Introducing new consensus mechanisms and architectural changes could bring unforeseen complexities and operational hurdles.

Additionally, network upgrades inherently involve uncertainty, as unexpected technical issues may temporarily affect user experience and network stability. Concerns include potential challenges related to storage capacity and data management with the introduction of larger data blocks.

To fully embrace this transformative upgrade, stakeholders must exercise prudence and conduct thorough due diligence.

Nevertheless, the anticipation surrounding the next Ethereum upgrade underscores a strong belief in its benefits, reaffirming the networks commitment to continuous improvement.

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As Ethereum's Dencun upgrade nears, here is all you need to know - crypto.news

This is Cheatsheet, a primer on whats happening in crypto today.

Bitcoin is doing well but it smells like altcoin season out there with a hint of wet dog.

Dog coins dogecoin (DOGE), bonk (BONK) and shiba inu (SHIB) lead the top end of the market with gains between 32% and 25% over the past day.

Bitcoin (BTC) and ether (ETH) had managed about 6.5% as of 7 am ET, still a sizable gain considering their scale.

Arweave (AR), the permaweb blockchain geared for decentralized file storage, continues to enjoy a moment, also climbing by a quarter.

AR is the second-best performing top-100 crypto after PEPE over the past week. Arweave has tapped into AI hype, having just launched a testnet for an adjacent blockchain built to power decentralized computing.

Ethereum holders on the whole continue to stake their ETH as prices reach nearly two-year highs.

There are now almost 1 million validators on the network. About half are either managed by liquid staking protocol Lido or Coinbase on behalf of their users.

Barring this Tuesday, there has been more ETH queued to be staked than unlocked every day this month. Another 13.4% of the supply (16.1 million ETH worth $54.4 billion) is kept in the networks DeFi apps after dropping half a percent overnight.

Newly-launched re-staking platform EigenLayer just surpassed Maker the protocol behind major stablecoin DAI now with 2.85 million ETH ($9.7 billion), a figure that tripled this month.

Read more: EigenLayers $100M haul ignites series of adjacent investments

Volatility came for crypto stocks yesterday, with only four rising across Wednesdays session and into after hours trade.

Despite its retracement, CleanSpark is still the best performing crypto stock this year, having added two-thirds to its share price (MicroStrategy and Marathon are second and third).

Nevada-headquartered CleanSpark is on an acquisition spree, buying up three Mississippi data centers with aims to boost its hashrate by more than 15 EH/s, the equivalent of around 2.8% to bitcoins total right now.

Hut 8 however has lost 34% year-to-date amid leadership changes and a merger of equals with US Bitcoin Corp. The dip especially hurts considering bitcoin has climbed more than 40% and threatens new all-time highs.

Read more: New Hut 8 CEO prepared to make hard decisions to nix inefficiencies

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Cheatsheet: Ethereum staking at record high, exchange balances at 6-year lows - Blockworks

The United States Securities and Exchange Commission (SEC) has delayed its decision to approve or reject BlackRock and Fidelitys spot Ether ETHUSD exchange-traded funds (ETFs).

In separate March 4 filings, the SEC announced that its decision on applications from BlackRock for its iShares Ethereum Trust and Fidelity for its Ethereum Fund will be delayed.

The SEC first delayed its decision on BlackRocks and Fiedlitys Ether ETF applications in January, shortly after it approved a roster of spot Bitcoin (BTC) ETFs to go live. The SEC can delay its decision up to three times before making a final decision.

The SECs delay hasnt come as a surprise, with market commentators and ETF analysts long speculating that the SEC will only decide to approve or deny the ETFs once the first final deadline arrives in May.

In an earlier Feb. 7 post to X, Bloomberg ETF analyst James Seyffart said that May 23 the final deadline for VanEcks spot ETH ETF application is the only date that matters when it comes to Ethereum ETFs.

Meanwhile, the price of Ether has continued to be spurred by wider market enthusiasm for potential approval, posting gains of 56.7% in the last month. It was not impacted by todays SEC delay decision.

At the time of publication, ETH is changing hands for $3,754, up 13% for the week per CoinGecko data.

Not everyone is confident, however, that a spot Ether ETF will be as significant as the spot Bitcoin ETFs with BlackRocks iShares Bitcoin ETF already notching a staggering $10 billion in assets under management alone.

Bloomberg ETF analyst Eric Blachunas said that he and his colleague Seyffart would have formal odds on an ETH ETF approval out soon, however described the yet-to-be-approved funds as small potatoes compared to the Bitcoin funds.

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SEC pushes back BlackRock, Fidelity spot Ethereum ETF proposals - TradingView