Ethereum Lukewarm despite Pectra upgrade
Ethereum developers have completed a test phase for the final stage of the Pectra upgrade on Hoodi Testnet, bringing the blockchain closer to its highly awaited mainnet update. If everything goes as planned for the test, the hard fork could be executed in 30 days.
Ethereum’s price remains lukewarm and slightly towards bearish amid the buzz surrounding the upgrade.
Ethereum’s price has remained around the $2K level, showing a slight 0.2% increase over the past 24 hours, even amid positive developments on the network. The ETH price briefly dipped below the $2K mark, dropping below this level twice in the past 24 hours. Despite the negative sentiment surrounding Ethereum (ETH), crypto analysts and traders remain optimistic about its future.
Many believe that ETH is undervalued and continues to perform well compared to most altcoins, even without significant positive changes in price
Wednesday marked the last stage of Ethereum’s final Pectra test on Hoodi network, the testing phase before the mainnet upgrade.
This last test moves the network closer to the full implementation of the upgrade, which is expected to increase Ethereum’s scalability and security. Developers announced that the upgrade will be deployed in 30 days if the test runs as expected.
The upgrade is expected to improve the transaction throughput and reduce latency, solving Ethereum congestion issues. This improvement will allow the network to better serve a larger number of users. Additionally, the upgrade aims to strengthen Ethereum’s infrastructure by optimizing the proof-of-stake mechanism.
One feature that stands out in the Pectra upgrade is the developers’ function to execute smart contracts right on the wallets. In addition, users will not be limited to paying gas fees using only one token.
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