Ethereum consolidates around $4k after upgrade

Ethereum is now oscillating around the psychologically-important $4,000 mark.

This pause follows its stunning 73% rise so far this year, having already reached its highest levels since December 2022.

However, for proper context, Ethereum remains some 18.5% below its ATH (all-time high) of $4,866.40 posted on 10th November 2021.

This pause comes as the Ethereum network – the world’s most commercially successful blockchain – completed its latest upgrade.

Known as “Dencun”, this update is intended to cut costs and transaction fees for “Layer-2” networks.

It’s purported that transactions that used to cost $1 may now just only 1 cent!

And with such drastically lowered fees, the hope is that this latest upgrade would foster a lot more innovation, to the benefit of developers and end users.

For instance, imagine AI now being able to drive more sophisticated behavious by non-player characters. Such a feature would have been a lot more expensive prior to “Dencun”.

In short, this upgrade intends to further promote the adoption of the Ethereum blockchain ecosystem.

Besides the “Dencun” upgrade …

Of course, Ehtereum prices have surged on hopes for a spot-Ether ETF.

The US Securities and Exchange Commission (SEC) is set to decide on the fate of applications for Ether-backed ETFs on May 23rd.

However, Ether may have a tougher time convincing regulators than its more-illustrious cousin, Bitcoin (Bitcoin ETFs were approved by the SEC in January 2024).

Still, Ether fans are not ready to be disheartened just yet, sending Ethereum prices soaring amid the ongoing wave of crypto frenzy.