“Could this upgrade push the price of ETH higher?”
Ethereum (ETH) developer Tim Beiko informed that the Dencun upgrade also called the protodansharding upgrade or EIP-4844 will be activated on the Goerli testnet on January 17, 2024 to reduce layer-2 transaction fees through the introduction of "data blob".
In context, blob data is a large piece of data that can be attached to ETH blocks and rollups which is a kind of layer-2 scaling solution that can use blobs to store transaction data and free up space on the base chain.
Please note that the implementation of EIP-4844 in the Dencun upgrade is expected to free up space on the ETH chain including allowing rollups to be processed at low transaction costs, Beiko further commented.
ETH which is currently in an upward trend has increased at $2,600 after the Securities and Exchange Commission (SEC) approved the spot Bitcoin (BTC) ETF, then the price continued to rise further to $2,688 when the United States (US) Consumer Price Index (CPI) data was published last night .
By observation, ETH needs to break through $2,700 first to continue its move higher to $3,004, but if the price falls back below $2,232 then the digital asset could fall further lower.
As of this writing, the price of ETH has jumped by 1.29% to $2,610 in the last 24 hours with a market cap of $314 billion then recorded a gain of 16.04% over the last week.
While Ethereum Classic (ETC) also showed greater gains where its price jumped over 9.19% in the last 24 hours and gained about 49.35% in the last seven days.
