"Wow, does that mean the current price will continue to rise again?"
Ethereum (ETH) which is the second largest cryptocurrency after Bitcoin (BTC) has shown amazing movement as its price managed to reach $2,390 which is a level not seen in the last 18 months.
Although BTC has currently halted its upward momentum, investors are now starting to shift their focus to ETH and various other altcoins where they expect the price to rise to the $3,500 level.
Through observation, there is a different behavior between non-exchange and exchange wallets as the top 150 non-exchange wallet addresses have held 54.6 million ETH while exchange wallet holdings fell to a 5-year low of 9.3 million ETH.
ETH's favorable long-term uptrend has shown increased wealth for top non-exchange wallet whales and reduced selling power for top exchange wallet whales, so the price is expected to go higher.
During the recent ACDE meeting, the developers think that ETH is now on track to implement the Dencun fork of the Goerli testnet in January 2024 where the majority of the team is preparing to run the testnet fork.
Dencun aims to increase data availability for rollup layer-2* through proto-dansharding** which will bring a decrease in rollup transaction costs then benefit end users.
*Responsible for launching transactions by merging them before publishing them to the layer-1 chain, usually through a network of sequencers
**Ethereum enhancement proposal (EIP) that will introduce temporary storage space that can be used by layer-2 rollups to produce higher transaction power
Not only that, Dencun can also increase the scalability of ETH through rollup, optimization of gas fees, increased network security and the implementation of various updates.
Looking at the price chart, ETH needs to break through the next resistance zone at $2,411 to go up to $2,732, but it should be noted that the price can also rebound at $2,070 or continue its decline to $1,910.
As of this writing, ETH price has surged by 5.58% to $2,373 in the last 24 hours with a market cap of $285 billion and has recorded a 13.57% climb over the past week.
