According to CoinGecko, the ETH price reached $3,506, fueled by massive trading volumes exceeding $16 billion in the last day. This strength has brought the total market value of the cryptocurrency to over $416 billion.

Data from IntotheBlock highlights the breadth of this movement, with 91% of the Ethereum market currently in profit. This figure represents almost 9% of the value of ETH rising compared to the average value of coin holders. With buyers still firmly in control, online activity and sentiment continue to rise ahead of Dencun's March 13 launch.

The update is based on the implementation of "proto-danksharding", which will significantly increase transaction speeds and reduce congestion by improving layer 2 infrastructure. The changes will provide a solution to the gas fee issues that are hampering Ethereum's scaling and mass adoption efforts.

The developers unanimously declared the importance of Dencun. Everyone agrees that by improving interoperability between the Ethereum main chain and secondary channels, the major update represents a critical point in expanding functionality.

Market participants seem to agree, with ETH prices reacting sharply as the calendar counts down. In one recent show of confidence, a whale executed $5 million worth of strategic BTC/ETH swaps. The company initially exchanged 1,500 ETH for approximately 88 BTC on February 26, when the exchange rate favored Bitcoin. When sentiment changed, leading to the launch of Dencun, the investor benefited from the change in positions - buying back 88 BTC for 1,600 ETH, making a profit of almost $340,000.