Ethereum (ETH), the world’s second-largest cryptocurrency, is on a strong run, reaching its highest level in the past 18 months. As of press time, ETH is up 5.61% with a price of $2,375 and a market capitalization of $285 billion. Amid the recent price breakout, some investors have set price targets for ETH at $3,500.
Traders in the cryptocurrency market are currently grappling with concerns about a potential bull trap. Although Bitcoin temporarily halted its momentum, the focus turned to Ethereum and various altcoins, which once again experienced significant gains.
Ethereum non-exchange wallets continue to accumulate
On-chain data shows contrasting behavior between non-transaction wallets and transaction wallets. The top 150 non-exchange wallet addresses historically hold 54.6 million ether. On the other hand, exchange wallet holdings have dropped to a 5-year low of 9.3 million ETH.
On-chain data provider Santiment reports that Ethereum has climbed to $2,349, its highest level since June 2022. The long-term trend is encouraging, showing increasing wealth among top non-exchange whale wallets but declining selling power. For top exchanges, whale wallets bode well for continued gains.
Dencun will significantly improve data availability for layer 2 aggregation through proto-danksharding. This enhancement may reduce aggregated transaction costs, ultimately benefiting end users. Dencun’s overall impact includes improving Ethereum’s scalability through rollups, optimizing gas fees, enhancing network security, and implementing various housekeeping updates.
The Ethereum Foundation recommends that users who rely on Goerli’s stable testnet environment start the migration process in advance. While Goerli staking is permissionless, the withdrawal of validators associated with overwhelmingly staked customers and test teams creates potential stability issues. In the meantime, teams are preparing to use this transition period to test aspects such as delays in finalization, inactivity leaks, and large-scale reductions.
