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Ethereum on track for Dencun upgrade despite market volatility

2min Read

Despite recent market swings, Ethereum powers ahead with confirmed upgrades and potential ETF breakthroughs.

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  • Ethereum’s robust development continued with confirmed testnet upgrades.
  • ETF developments and changing options market sentiment added more layers to the Ethereum narrative.

Despite recent market volatility, Ethereum’s [ETH] development activity remained robust, as highlighted in the latest Ethereum developers’ call, ACDE#178.

The testnet upgrade timelines for Dencun were confirmed, with Goerli on 17th January, Sepolia on 30th January, and Holesky on 7th February.

Concerns were raised about the tight schedule and the 13-day gap between Goerli and Sepolia, prompting further discussions.

What next

Looking ahead, the Ethereum community is gearing up for the Prague/Electra (Pectra) upgrade, with debates centered on prioritizing Verkle as the sole focus or concurrently increasing work on Verkle while shipping a smaller feature fork.

The final decision will hinge on community consensus and ongoing discussions in future meetings.

The potential impact of these developments on Ethereum is significant, indicating a commitment to ongoing improvement and innovation within the network. The upcoming upgrades are poised to enhance Ethereum’s capabilities and overall functionality.

Moreover, these upgrades could have an impact on price movement. Due to this, there is some volatility to be expected from ETH down the road.

The ETF hype continues

Another aspect that could add to the volatility would be Ethereum-based ETFs.

Bloomberg ETF analyst James Seyffart suggested that the SEC’s approval of the Ethereum futures ETF last year hinted at accepting ETH as a commodity, potentially paving the way for an ETH spot ETF launch in 2024.

The SEC’s final decision on VanEck, ARK 21Shares, and Hashdex Ethereum Spot ETFs is expected in May 2024, introducing new dynamics to Ethereum’s market.

Trading behaviors

The put-to-call ratio for ETH fell from 0.37 to 0.35, indicating shifting sentiments in the options market. This change suggests an optimistic view among investors, showing that most traders haven’t been affected by the prospects of increased volatility in the future.

Realistic or not, here’s ETH’s market cap in BTC’s terms

At press time, ETH was trading at $2,361.39, reflecting a -1.21% decline in the last 24 hours.

Despite short-term fluctuations, Ethereum’s long-term prospects appear positive, driven by ongoing development efforts, potential ETF developments, and evolving market dynamics.

Source: TheBlock


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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