Historically, Ethereum network upgrades rarely significantly impact the price of ETH.
The much-awaited Dencun Ethereum upgrade finally went live on March 13, bringing with it the promise of improving the network’s cost-effectiveness. Following the upgrade, Ether’s (ETH) price dropped sharply from a high of $4,082 to $3,932, according to data from CoinMarketCap.
Data from Cointelegraph Markets Pro and TradingView shows that Ether resumed its fall on March 14, dropping 3% over the last 24 hours to trade at $3,848 at the time of publishing.
The Ethereum network has undergone several upgrades, with each aimed at improving the effectiveness of the layer-1 blockchain either by improving transaction speed, lowering gas fees or changing the consensus mechanism. This improves the value of the network in the long run.
