The Ethereum network recently made significant changes, transitioning from a proof-of-work mining model to a proof-of-stake model on September 15, 2022. This change led to a remarkable 99.95% decrease in energy consumption.
Shortly after implementing the Dencun upgrade to enhance functionality and performance, the price of Ethereum (ETH) experienced a decline, dropping below the $3,000 mark. However, ETH has shown growth recently, rising by 1.9% in the last 24 hours and currently trading at $3,200 according to CoinGecko data.
Experts predict that ETH is expected to reach a minimum price of $3,141 and a maximum price of $3,241, with an average price of $3,200 for the week. Despite facing challenges like high gas fees and scalability issues, Ethereum remains a promising blockchain project with a robust ecosystem hosting various decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible tokens (NFTs) that continue to drive innovation and adoption in the cryptocurrency space.