Ethereum (ETH) Pectra Upgrade Promises to Deliver New Features and Enhancements

The Ethereum (ETH) price has stalled a bit at crucial levels, and the spot trading volumes have also begun to decrease.

The crypto market is now awaiting the next major update for Ethereum, Pectra, which combines two planned phases, Prague and Electra. It introduces 11 new Ethereum Improvement Proposals (EIPs) in what is considered Ethereum’s most significant update since early 2024.

Key Highlights Of The Ethereum Pectra Upgrade

The Pectra upgrade is set to go live today, May 8. It will bring some major changes to the Ethereum network.

It will introduce 11 new EIPs in what is considered Ethereum’s most significant update since early 2024.

The upgrade will also bring new developer tools, which will streamline the codebase for smoother dApp development.

The Pectra upgrade is expected to improve the efficiency and security of the Ethereum network. It will also pave the way for new use cases and applications of the technology.

Where Is The Price Going Next?

After a stellar run in the first half of 2024, the crypto market has begun to cool off, and the overall crypto market cap has stalled at around $3 trillion.

The crypto traders are now focused on the upcoming FOMC meeting, where the Fed Chair Jerome Powell is expected to announce any rate cuts to fuel the rally.

According to the Fed Watch tool by CME Group, there’s over a 95% chance that Powell will keep the Fed rates unchanged, which means that the altcoins might have to wait for some more time to see a potential rally ahead.

The post Ethereum Spot Volume Is Cooling, Is It A Positive Sign For ETH Price? appeared first on OpenChainz.