Ethereum reached $4,000 for the first time since December 2021, as the market experienced an uptick.

This occurred as the cryptocurrency market experienced another bullish surge, pushing the market cap to $2.7 trillion. However, the climb was brief, with Ethereum’s price retracting to $3,900 shortly after as traders quickly secured their gains.

ETH’s price movement aligns with a broader bullish sentiment in the market. Despite the excitement, Ethereum’s trading volume only increased by 10% today. This suggests that long-term investors are choosing to hold onto their assets. 

Notably, Bitcoin also achieved a new all-time high of $70,000.

Additionally, Ethereum-based meme coins, such as Shiba Inu, have seen impressive gains, with SHIB jumping over 150% weekly.

The enthusiasm around Ethereum is partly due to the anticipation of the upcoming Dencun upgrade, which is set to launch next Wednesday. The upgrade aims to enhance Ethereum’s scalability and efficiency, which, if successfully implemented, could further stimulate the price of ETH.

This upgrade is a critical step in Ethereum’s evolution, promising to address some of the network’s longstanding challenges.