You are here: Home / News / Ethereum’s “Dencun” Upgrade Signals Fee Reductions Amid Bullish Price Forecasts
January 6, 2024 by Ammar Raza
The forthcoming Ethereum upgrade, “Cancun-Deneb” (Dencun), is set to undergo testing starting January 17, marking a significant development in the Ethereum ecosystem. The upgrade aims to bring about crucial improvements, including reduced transaction fees, enhanced features for bridges and staking pools, and limitations on self-destruct operations in smart contracts.
Key features of Dencun include the implementation of Ethereum Improvement Proposal (EIP) 4844, also known as “proto-danksharding.” This proposal introduces a novel approach using “blobs,” allowing layer-2 rollup networks like Arbitrum, Base, and Polygon zkEVM to store specific transaction data temporarily. The anticipated outcome is a substantial reduction in transaction fees on layer 2 networks.
Accompanying proposals such as EIP-1153, introducing a “transient storage” system to decrease fees further, and EIP-4788, enhancing transparency by storing the root of each Beacon Chain block in a smart contract, are poised to bring added functionalities for bridges and staking pools.
Additionally, Dencun incorporates EIP-6780, limiting the use of the self-destruct keyword. Post-upgrade, the keyword will not erase the code unless called within the same transaction as deployment while still transferring all funds to the deployer, even if invoked in a future transaction.
Ethereum (ETH) Price Prediction
On the price front, crypto analyst Rekt Capital highlights Ethereum’s current retest of the $2274 support level. A successful retest could trigger a significant 22% upside move, maintaining a positive trajectory as long as support holds.
Changelly provides insights into ETH’s price forecast for February 2024, indicating a range between $2,130.54 and $2,525.31. The average projected value is $2,327.93, with a recent forecast suggesting a 2.97% increase to $2,360.15 by January 6, 2024.
Technical indicators reveal a Neutral Bullish 59% market sentiment on Ethereum, while the Fear & Greed Index displays a score of 68 (Greed). Ethereum’s recent performance includes 14 out of 30 (47%) green days and 2.42% price volatility.
As of the latest update, Ethereum’s price is $2,261.45, with a 24-hour trading volume of $33.23 billion, a market cap of $271.79 billion, and a market dominance of 16.19%, reflecting a 1.74% increase in the last 24 hours.
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