Ethereum’s much-awaited Dencun upgrade is ready to be deployed on the Ethereum mainnet at epoch 269568, after successfully activating the Dencun network upgrade on all testnets. The Dencum upgrade is estimated to happen at around 2 pm UTC, as per the Ethereum Foundation. The sentiment surrounding the Dencun hard fork has caused ETH price to surpass $2500 and even $4,000. The traders are now eyeing ETH price to hit $5000 after the upgrade.
Ethereum Price to $5000
The Ethereum Dencun upgrade is a major advancement that will have a broader impact on the Ethereum ecosystem. The upgrade will finally deploy EIP-4844, also known as “protodanksharding”, which will significantly lower L2 transaction costs.
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While a reduction in transaction fees in itself is a major factor for a rise in prices, derivatives data holds key signals for upcoming ETH price trends.
The Ethereum futures OI hits all-time high of $14 billion, an increase of 3% in 24 hours and 1% in the last 4 hours. Binance, Bybit, OKX are the top three exchanges with a 2-3% jump. Meanwhile, CME and Deribit 5-6% jump in ETH OI hints at major buying from institutional investors.
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In addition, Ethereum options OI has also hit a new all-time high of $14.77 billion. Call options open interest is at 65.87% and put options open interest is at 34.13%, supported by massive volumes for calls.
Deribit data shows a put-call ratio of 0.65 in the last 24 hours, with 112,304 put volume and 172,958 call volume. Moreover, options traders are making higher amid the Ethereum Dencun upgrade. Traders made 44.8K calls for a strike price of $4500 and 50.9K calls for $5000 before March 29.
Also Read: XRP Price To Hit $2 By May Before Reaching ATH, Pro-XRP Lawyer Predicts
Analysts Predictions on ETH Price
Popular crypto analyst Ali Martinez revealed crypto market is witnessing a massive influx of approximately $83 billion. Notably, Bitcoin and Ethereum account for $75 billion of the total money inflow, as per Glassnode. Moreover, the upcoming Ethereum ETF continues to be a major factor for the recent rise in adoption despite a drop in odds of Ethereum ETF to 30% by Bloomberg ETF analysts.
Notable trader and analyst Michael van de Poppe said “Matter of time until ETH starts to pick up.” He recommends traders to watch out for ETH/BTC pair chart for further confirmation on another rally in altcoins as BTC price cools. If ETH price breaks above supply zone near $4550, it can easily hit $5000.
ETH price jumped 1% in the past 24 hours, with the price currently trading at $4,056. The 24-hour low and high are $3,831 and $4,083, respectively. Furthermore, the trading volume has increased by 20% in the last 24 hours, indicating a rise in interest among traders.
Also Read: Ethereum Put Options Demand Surges, ETH Price Correction Soon?
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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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