Recent Changes and Price Prediction for Ethereum: Transition to Proof-of-Stake, Dencun Upgrade, and April-end Forecast
The Ethereum network has been making headlines with its recent transitions and upgrades, leading to both positive and negative impacts on its price and performance. On September 15, 2022, Ethereum shifted from a proof-of-work to a proof-of-stake model, resulting in a drastic reduction in energy consumption by 99.95%.
Following the implementation of the Dencun upgrade, Ethereum’s price experienced a decline, dropping below the $4,000 mark. However, the cryptocurrency has shown resilience, with a 1.2% increase in the last 24 hours, currently trading at $3,216 according to CoinGecko data. Despite the setback, Ethereum has seen a 73% increase year-to-date and has recently crossed the $3,000 level.
Looking ahead, cryptocurrency experts at Changelly have predicted that Ethereum is likely to reach a minimum price of $3,049 and a maximum price of $3,151 by the end of April, with an average price of $3,100. While the $4,000 level may not be achieved by the end of the month, Ethereum’s recent price surge has been attributed to the overall market momentum, particularly driven by Bitcoin’s rally.
Despite challenges such as high gas fees and scalability issues, Ethereum remains a prominent player in the blockchain space, hosting a diverse range of decentralized applications, DeFi protocols, and NFTs. The network’s continued innovation and adoption signal its enduring influence in the cryptocurrency market, even as it faces competition from other blockchain networks.
