Ethereum has gone through several major upgrades such as ETH 2.0 or The Merge, The London Upgrade, and just yesterday The Dencun Upgrade. If you look at the price movement of ETH just after the upgrades, the price went down instead of up. Is this just "Buy the rumor and Sell the news"? - price going up before the upgrades because of hype or expectations? Is the fall in ETH prices after the Dencun upgrade coming live because it did not live up to what was promised? What was the Dencun upgrade supposed to do and what are its benefits? Gas fees for ETH is notoriously high. Layer 2's like Avax, Polygon, Optimism, Arbitrium have came out to speed up transaction speed and lower gas fees. These Layer 2's does deliver and have become or are becoming (for the more recent Layer 2's like Optimism & Arbitrium) successful. The prices of the native coins for these Layer 2's have risen and are rising The Dencun upgrade has features such as blood, improvements in sharding and roll up technology. These features will help the Layer 2's to further reduce their gas fees which is already so much lower than that of Ethereum itself. The thing is that the Layer 2's have to make adjustments to make use of what comes with the Dencun upgrade. We can expect the Layer 2's to move fast to make the necessary changes and benefit from Dencun. Thus it is the Layer 2's that benefit from Dencun before Ethereum does. Dencun will grow the usage and prices of the Layer 2's The Layer 2's operate on top of Ethereum layer 1. So as the usage of its Layer 2's grow, Ethereum also grow - Not by as much or as quickly but still it will grow.