The Ethereum network has undergone notable changes in recent times. On September 15, 2022, the network transitioned from a proof-of-work mining model to a proof-of-stake model. This transition has led to a significant reduction in energy consumption, with reports indicating a 99.95% decrease.
A few weeks ago, the network implemented the Dencun upgrade, which was designed to improve its functionality and performance. However, following this upgrade, the price of Ethereum (ETH) has experienced a decline, falling below the $3,000 mark.
ETH had recently shown growth, rising by 1.9% in the last 24 hours. At press time, ETH is trading at $3,200, according to CoinGecko data. ETH is up by 64.8% year-to-date and has regained the $3,000 level recently.
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Ethereum Price Prediction for the week
As investors and traders closely monitor Ethereum’s price action, cryptocurrency experts at Changelly have shared their predictions for the week. According to their analysis, ETH is expected to reach a minimum price of $3,141 and a maximum price of $3,241. The average price is expected to be $3,200.
The prediction reveals that ETH is unlikely to hit the $4,000 level this week. The recent surge in Ethereum’s price has been largely attributed to the pump after recent market volatility. With Bitcoin once again back above $65,000, ETH has renewed its rally.
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Despite the recent price setback following the Dencun upgrade, Ethereum remains one of the most promising and influential blockchain projects in the cryptocurrency space. Its robust ecosystem, which hosts a wide array of decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible tokens (NFTs), continues to drive innovation and adoption.
However, Ethereum also faces challenges, such as high gas fees and scalability issues, which have led to the rise of competing blockchain networks.
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