{"id":264168,"date":"2024-03-13T16:58:56","date_gmt":"2024-03-13T11:28:56","guid":{"rendered":"https:\/\/dripp.zone\/news\/eth-price-set-for-5000-after-ethereum-dencun-upgrade-derivatives-data-crypto-news\/"},"modified":"2024-03-13T16:58:59","modified_gmt":"2024-03-13T11:28:59","slug":"eth-price-set-for-5000-after-ethereum-dencun-upgrade-derivatives-data-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eth-price-set-for-5000-after-ethereum-dencun-upgrade-derivatives-data-crypto-news\/","title":{"rendered":"ETH Price Set for $5000 After Ethereum Dencun Upgrade: Derivatives Data – Crypto News"},"content":{"rendered":"

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Ethereum\u2019s much-awaited Dencun upgrade is ready to be deployed on the Ethereum mainnet at epoch 269568, after successfully activating the Dencun network<\/a> upgrade on all testnets. The Dencum upgrade is estimated to happen at around 2 pm UTC, as per the Ethereum Foundation. The sentiment surrounding the Dencun hard fork has caused ETH price to surpass $2500 and even $4,000. The traders are now eyeing ETH price to hit $5000 after the upgrade.<\/p>\n

Ethereum Price to $5000<\/h2>\n

The Ethereum Dencun upgrade is a major advancement that will have a broader impact on the Ethereum ecosystem. The upgrade will finally deeply EIP-4844<\/a>, also known as \u201cprotodanksharding\u201d, which will significantly lower L2 transaction costs.<\/p>\n

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While a reduction in transaction fees in itself is a major factor for a rise in prices, derivatives data holds key signals for upcoming ETH price trends.<\/p>\n

The Ethereum futures OI hits all-time high of $14 billion, an increase of 3% in 24 hours and 1% in the last 4 hours. Binance, Bybit, OKX are the top three exchanges with a 2-3% jump. Meanwhile, CME and Deribit 5-6% jump in ETH OI hints at major buying from institutional investors.<\/p>\n

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In addition, Ethereum options OI has also hit a new all-time high of $14.77 billion. Call options open interest is at 65.87% and put options open interest is at 34.13%, supported by massive volumes for calls.<\/p>\n

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Deribit data shows a put-call ratio of 0.65 in the last 24 hours, with 112,304 put volume and 172,958 call volume. Moreover, options traders are making higher amid the Ethereum Dencun upgrade. Traders made 44.8K calls for a strike price of $4500 and 50.9K calls for $5000 before March 29.<\/p>\n

\"Ethereum