Ethereum has started the week on a high note by breaking the $3,500 mark, up 3.5% in just 24 hours.

At the time of writing, Ethereum’s price has reached a high of $3,535, showing an impressive 15% increase in value over the past week. This is the highest level Ethereum has achieved since January 2022, following the bull run that took place at the end of 2021.

Interestingly, according to data from blockchain analytics firm IntotheBlock, 91% of Ethereum held in digital wallets is now profitable. This means that only 9% of Ethereum is worth less than its purchase price, demonstrating a largely positive trend in the coin’s market value.

Another 9 days until the Dencun upgrade

The price increase occurs just before the introduction of a crucial update. Ethereum developers are just nine days away from the rollout of the Dencun upgrade to the main network, which is scheduled for March 13.

This upgrade, which introduces proto-dankhardening to the network, promises to make transactions significantly faster and more cost-effective. Recently, some developers have indicated that the impact of this change will be significant. They emphasized that this is the kind of upgrade they have always dreamed of.

Will Ethereum break its ATH?

Although Ethereum has seen notable price increases this year, the cryptocurrency is still 28% below its all-time high of $4,891. The upcoming Dencun upgrade, which features significant improvements such as faster transactions and lower fees, is fueling optimism within the Ethereum community.

This upgrade has the potential to give Ethereum the boost it needs to reach or even surpass its historic peak.

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