Ethereum Price Today: $1,790
- Ethereum's Pectra upgrade went live on Wednesday, introducing features from eleven Ethereum Improvement Proposals (EIPs) to the mainnet.
- Key L1 changes include enhanced user experience, staking efficiency, and blobspace expansion.
- ETH technical indicators show bearish signals as the top altcoin approaches the end of a symmetrical triangle pattern.
Ethereum (ETH) remained stable on Wednesday following the successful deployment of the Pectra upgrade. Despite introducing multiple features, the upgrade failed to trigger heightened volatility, with ETH continuing to trade near $1,800.
Pectra Upgrade Goes Live Smoothly
After delays and testnet issues, Ethereum's Pectra upgrade activated at epoch 364032 (GMT 10:05), bringing code changes from eleven EIPs to the mainnet. This marks Ethereum's most ambitious upgrade since "The Merge" in August 2022, transitioning from Proof-of-Work to Proof-of-Stake consensus.
Pectra is live on Ethereum mainnet!
- Smart account wallet UX features now active
- L2 scaling data storage blobs increased by 2x
- Validator UX improvements live
Community members will continue monitoring for issues over the next 24 hours.
— Ethereum.org
Pectra faced initial delays on the Holesky testnet due to execution layer client configuration issues but was ultimately validated via Sepolia and the new Hoodi testnet. The upgrade combines Prague (execution layer) and Electra (consensus layer) improvements, focusing on:
- User Experience (UX): Streamlined transactions and smart contract interactions.
- Staking Efficiency: Higher yields for validators.
- L2 Scalability: Increased throughput for rollups.
Key EIPs and Their Impact
EIP-7702: Foundations of Account Abstraction
Co-authored by Vitalik Buterin, EIP-7702 enables EOAs (regular wallets) to temporarily mimic smart contract functionality. Features include:
- Batched transactions to reduce fees.
- Gasless transactions sponsored by third parties.
- Social recovery for lost keys.
👉 Explore how EIP-7702 revolutionizes DeFi
EIP-7251: Increased Staking Limits
Raises the max stake per validator from 32 ETH to 2,048 ETH, reducing hardware costs for large validators. Critics warn this may centralize control among wealthy stakers.
EIP-7691: Blobspace Expansion
Doubles target/max blobs per block (from 3/6 to 6/9), boosting L2 data capacity. Critics argue this undermines Ethereum’s fee revenue.
Developers now shift focus to the Fusaka upgrade, slated for late 2025.
Ethereum Price Prediction: Bearish Signals Emerge
Per Coinglass, ETH futures saw $47.9M in liquidations (24h), with longs ($18.5M) outweighed by shorts ($29.4M).
Technical Analysis:
- ETH rebounded from $1,750 to retest the symmetrical triangle’s lower boundary.
- A close below the 14-day EMA and 50-day SMA could accelerate declines.
- RSI and Stochastic Oscillator suggest weakening bullish momentum.
ETH/USDT Daily Chart Highlights:
- Symmetrical triangle nears resolution, with slight bearish bias.
- Critical support at $1,750; resistance at $1,850.
FAQ Section
Q: What is the Pectra upgrade?
A: Pectra is Ethereum’s latest hard fork, introducing 11 EIPs to enhance UX, staking, and L2 scalability.
Q: How does EIP-7702 improve wallets?
A: It enables gasless transactions, batch operations, and social recovery—key for mass adoption.
Q: Will Pectra affect ETH’s price?
A: Short-term volatility remains muted, but long-term utility gains could drive demand.
👉 Discover Ethereum’s future roadmap