Ethereum developers have set a new deadline for the upcoming Pectra upgrade after passing the final testnet implementation successfully. The upgrade, previously delayed due to bugs, includes 11 Ethereum Improvement Proposals (EIPs) to enhance the network’s usability. One of the key features is the addition of smart contract functionality to wallets, making them easier to use and recover.
Another significant improvement is EIP-7251, which increases the upper limit of ETH that can be staked for validators from 32 ETH to 2,048 ETH. This change aims to enhance staking efficiency for users running multiple validators by allowing them to manage all their activities in a single node.
Despite facing technical challenges during the testing phase, Ethereum developers have finalized a mainnet launch date of May 7 following a successful test on the Hoodi testnet. Users, developers, and validators are urged to prepare for the changes by updating their software to ensure compatibility with the network once Pectra goes live.
However, Ethereum’s price has been underperforming leading up to the Pectra upgrade announcement. The data shows that ETH has experienced price declines of 6.2% in the last 24 hours, 12.6% in the last seven days, and 14.7% in the last 30 days. The current price of Ethereum is around $1,700, with analysts offering mixed views on its future price outlook.
Some analysts, like Ito Shimotsuma, see potential bullish signals for Ethereum, while others, such as CryptoElites, predict a price of $10K by 2025. The upgrade announcement comes at a time when Trump has announced reciprocal tariffs, and the upgrade could provide a positive outlook for ETH. Inflows into spot Bitcoin ETFs have also surged, indicating investor confidence in the cryptocurrency market.
