"Ethereum's Price Surge and Network Upgrades Set Stage for Historic 2024"
Ethereum has surged 28% this month, reaching $2,910, ahead of the upcoming Dencun upgrade aimed at improving speed and cost efficiency. Optimism for a potential Ethereum ETF approval by the SEC has also contributed to the bullish sentiment. Traders are showing increased confidence through climbing open interest in futures contracts, but caution is advised due to potential liquidation events. While trading volume has slowed, layer-2 scaling networks like Arbitrum and Optimism are experiencing record transaction totals, with the total value of assets locked on layer-2s reaching an all-time high of nearly $27 billion.