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- 1 The Ethereum developers are in the testing phase for a big upgrade, know more below.
- 2 This upgrade is expected to expand the blockchain and also reduce the burden of fees
- 3 The current ETH coin price is rising towards its immediate resistance level.
Developers of Ethereum are actively conducting tests for the upcoming Dencun upgrade which is expected to be released next year. The upgrade will introduce capacity for data storage through a new method called “proto-danksharding.” During a biweekly call held on Thursday, the developers discussed that they plan to run Dencun through the Goerli test network (testnet) by Jan. 17.
This highly anticipated upgrade will reduce fees for layer 2 rollups and expand the blockchain by creating more space for “blobs” of data.
Ethereum developers are heating up their testing process for the upcoming Dencun upgrade, a major milestone expected next year that would add capacity for data storage via a new process known as “proto-danksharding.”
During a biweekly call on Thursday, the developers discussed that they plan to execute the Goerli test network (testnet) through Dencun on January 17th. This upgrade will enable “proto-danksharding,” which reduces fees for layer 2 rollups and scales the blockchain by increasing space for “blobs” of data.
Tim Beiko, who is the protocol support lead at the Ethereum Foundation, mentioned on the call that they can always cancel if they find any major issue or something out of the ordinary before the scheduled date.
The developers have outlined a preliminary timeline for testing Dencun, which includes running it through various test networks such as Sepolia and Holesky before deploying it on the mainnet in late February.
However, they have cautioned that these dates may change depending on the results of the testnet forks. Dencun will be the first major upgrade since Shapella earlier this year, which enabled staked ether withdrawals from the blockchain.
Technical Analysis and Prediction of the ETH Coin Price
On December 21, ETH came close to the 50-day Exponential Moving Average. However, the buyers kept it off. This was indicating the end of the price correction. Currently, the second-largest cryptocurrency by market capitalization is trading at $2,288.
If it surpasses $2,398, it could potentially climb further towards $2,956. The bears need to protect this level. If they fail to do so, Ethereum has the potential to grow and break major resistance levels.
Alternatively, if ETH plunges below $1,993, the bears may have a slight advantage over the bulls and could use this to their benefit to pull the token down to the 150-day EMA. The price prediction is bullish considering that the bulls are seen with an advantage over the bears.
Conclusion
Ethereum’s upcoming Dencun upgrade will introduce data storage capacity through “proto-danksharding” next year.ETH didn’t touch the 50-day EMA on December 21, indicating the end of price correction. It is currently trading at $2,288 with a bullish price prediction due to the advantage of bulls over bears.
Technical Levels
- Support Levels: $1,783 and $1,567.
- Resistance Levels: $2398 and $2956
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
