Summary
TLDR: The Dencun Ethereum upgrade went live, causing ETH price to slump initially but recover later. The upgrade aims to improve the blockchain, lower fees, and increase transaction speed. Previous upgrades have resulted in both price increases and decreases for Ethereum.
Key Points
1. The Dencun Ethereum upgrade caused a 3.2% slump in the price of ETH initially, dropping from $4,076 to $3,949 according to CoinGecko data.
2. Despite the initial drop, the price of Ethereum has largely recovered since the upgrade, rising back above $4,000 at the time of writing.
3. Each Ethereum upgrade aims to enhance the blockchain by reducing fees, improving transaction speed, and ultimately increasing the value of the network in the long term.