Ethereum Will Release Its Pectra Upgrade on May 7th

Ethereum is a decentralized, open-source blockchain platform that was proposed in 2013 by Vitalik Buterin and launched in 2015. It serves as a foundation for building and running smart contracts and decentralized applications (DApps).

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Among the layer-1 networks, Ethereum has seen some impressive price gains in recent times. The crypto is currently trading at $2,169 and shows no signs of slowing down.

With the crypto market still largely in the red on Monday, a recent report by TokenPost Insight highlighted the notable performance of layer-1 networks. Among them, Ethereum (ETH) has stood out with significant price surges in the last three months.

According to the report, layer-1 networks, which form the foundational layer of Web3, have been a subject of keen interest. In particular, the report by TokenPost Insight focused on the price movements of six prominent layer-1 tokens—Bitcoin (BTC), Ethereum (ETH), BNB, ADA, TRX, and XLM—over the last three months.

The analysis showed that while most of the tokens displayed price declines, three tokens— BTC, ETH, and TRX—reported price increases.

According to the report:

"Bitcoin’s price has risen the most, with an increase of 76.8% in the last three months. This is attributed to the limited supply of BTC and the increasing adoption of Bitcoin in various sectors, including institutions and the government. Notably, Hong Kong’s Stock Connect program with the mainland is set to include two tranches of applications from crypto firms in May, with the first batch focused on greater China. Among the applicants are crypto exchange Huobi and asset management firm HashKey Capital."

The report further noted that the price of Ethereum (ETH) also displayed a substantial surge of 64.3% in the last three months.

It is noteworthy that Pectra, the planned seventh upgrade of Ethereum in 2024, is set to be deployed on Mainnet on May 7th. Ahead of the deployment, the upgrade was successfully launched on the Hoodi testnet on April 27th.

After the successful rollout on the testnet, the Pectra upgrade is now set to hit Mainnet on May 7th.

What's more, the report also pointed out that among the six layer-1 tokens, Huobi token (HT) displayed the largest price decline of 34.3% in the last three months.

The report also noted that the crypto market is still in a volatile phase and the price movements of layer-1 tokens can be influenced by a variety of factors, including technical analysis, fundamentals, and market sentiment.

ETH price today

At press time, ETH is changing hands at $2,169 and shows no signs of slowing down. At the time of writing, the crypto is trading in the green at 0.55% over the last 24 hours. However, in the last seven days, the token has seen an impressive price surge of 12.66%.

The crypto is still bullish and is currently trading above the 200-SMA (Simple Moving Average), which suggests that the bulls are still in control.

If the bulls manage to push the price of ETH higher, the next level of resistance is at the $2,200 level. Above this level, the price could continue to rise to the $2,300 level.

On the other hand, if the bears manage to regain control, the next level of support is at the $2,100 level. Below this level, the price could continue to decline to the $2,000 level.