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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Pectra Upgrade On Ethereum: Will It Be The Catalyst To Break Above All-Time Highs?

Ronaldo Marquez
Ronaldo Marquez
8 months ago
3 mins read
Ethereum

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Este artículo también está disponible en español.

As the cryptocurrency market continues to navigate a mixed period of price stagnation and volatility with no clear path forward, all eyes are on the highly anticipated Pectra upgrade for the Ethereum (ETH) network. 

Scheduled for the first quarter of 2025, this major upgrade is gaining significant attention from bullish analysts who believe it could be the catalyst to propel Ethereum’s price to new heights.

A Potential Gamechanger For Ethereum? 

According to decentralized finance (DeFi) researcher DeFi Ignas, optimism is mounting around Ethereum’s prospects thanks to the Pectra upgrade. 

In a recent social media post examining this upcoming milestone for the network, Ignas claims that the update combines the Prague (execution layer) and Electra (consensus layer) improvements and represents a holistic advancement for the network. 

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Ethereum has witnessed several transformative upgrades in recent years, including the transition to proof-of-stake (PoS), the introduction of ETH burning mechanisms, and the reduction of gas fees by implementing data blobs. 

However, the researcher believes that the Pectra upgrade introduces novel features, with Account Abstraction as a noteworthy improvement.

Historically, Account Abstraction adoption has been limited due to the complexity of interacting with decentralized applications (dApps) via smart contract accounts, leading to missed opportunities like airdrops. 

With the introduction of EIP-7702, Externally Owned Accounts (EOAs) gain increased functionalities akin to smart contract wallets, enabling greater flexibility during transactions.

Noteworthy benefits include the ability to batch transactions, facilitate sponsorship for transaction fees, and manage privileges effectively, bridging the gap between EOAs and smart contract wallets. 

According to Ignas’ analysis, this development will streamline fund management, automate processes, and enhance dApp interactions without requiring direct ETH ownership from users, enabling seamless operations such as approval and exchange within a single transaction.

Technical Advancements & Cost Savings

The Pectra upgrade also introduces efficiency improvements for validators, enabling the staking of 40 ETH at once, thereby reducing operational costs and enhancing rewards. 

Additionally, advancements like Peer Data Availability Sampling (PeerDAS) promise cost reductions for Layer 2 (L2) solutions by improving data verification processes.

The Ethereum Virtual Machine (EVM) will also undergo significant improvements with eleven EIPs, simplifying smart contract development, reducing costs, and enhancing overall efficiency. 

Technical upgrades such as the BLS12-381 curve precompile, stateless clients, and attestations, in Ignas’ words, will further refine the Ethereum ecosystem for developers and users alike, paving the way for a more seamless and user-friendly experience.

Ignas states that the Pectra upgrade symbolizes a significant leap forward for Ethereum, promising enhanced functionality, cost efficiency, and an improved user experience that will likely propel the network and the ETH price to new heights in the coming year.

ETH Price

Despite this impending bullish upgrade for the network, there are still several months to go before the introduction of the same, as the price of ETH is still unable to regain key levels lost earlier this month, in which the token dropped 25% to an annual low of $2,110.

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At the time of writing, ETH is trading at $2,570, unchanged from Monday’s price, but down nearly 3% in the seven-day time frame. Furthermore, ETH is still down 45% from its all-time high of $4,878 during the 2021 bull run. 

While the upgrade promises significant progress for the coming year, it will be imperative for bullish investors to recapture the $2,600 level in the coming days to improve ETH’s outlook for the coming months and position itself to retest the notorious $3,000 resistance wall. 

Ethereum
The daily chart shows ETH’s price consolidation. Source: ETHUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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