Dencun Upgrade Set On This Date, ETH Targets $3,000!

<p>&nbsp;“Could this upgrade push the price of ETH higher?”</p><p><br /></p><p>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".</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p><br /></p><p>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 .</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p>