Ethereum Sets Sights on $10,000 as Pectra Upgrade Sparks Bullish Momentum
The Ethereum community is optimistic as the highly anticipated Pectra upgrade goes live this Thursday. Many believe it marks Ethereums most user-focused transformation yet.
Notably, the official Ethereum X account highlighted this development, writing on May 6 that, ETH Pectra upgrade drops tomorrow and its a big deal.
The thread highlighted key improvements, including smarter wallets, gas-free options, bigger validator limits, and major enhancements in scaling, usability, and developer tooling.
Notably, Pectra combines two upgrades, Prague and Electra, and is being hailed as the biggest Ethereum overhaul since The Merge. However, unlike Merge, which redefined Ethereums underlying protocol, Pectra is built with users in mind.
The Merge was for the protocol. Pectra is for the people, Monolith.vc, an Ethereum community, noted.
That said, Pectra is expected to introduce account abstraction, giving wallets far more functionality, including batch transactions, gas payments in any token, and the removal of constant approval pop-ups. Additionally, the validator staking limit will rise from 32 ETH to 2,048 ETH, streamlining large-scale staking for ETF issuers and institutional players.
Upgrades like Verkle Trees and PeerDAS will improve Ethereums performance and scalability. Layer 2s also get a boost, with blob capacity doubling from 3 to 6, lowering congestion and gas fees. As per the Ethereum account, these changes will be technical and practical.
Pectra doesnt just make Ethereum bigger. It makes it smarter, cheaper, and more mainstream-ready, the account wrote.
Meanwhile, investor sentiment continues to be bullish, reflecting this shift. According to CryptoQuant analyst OroCrypto, Ethereum holders have accumulated over 3.5 million ETH in under two months, a staggering 22.5% rise, highlighting their conviction in the network ahead of the upgrade.
This behavior reflects structural belief in Ethereums long-term potential, Oro noted.
Elsewhere, crypto trader Merlijn, founder of Profitz Academy, predicted a surge for ETH to $10,000 in the near future, telling his 386,000 followers not to blink as this could move fast.
The ETH launch sequence has started. $1,500 was the liftoff pad. $10,000 is the destination, he noted.
His bullish call is based on technical levels showing $2,200 and $4,000 as key resistance points before Ethereum shoots higher.
However, some analysts urge caution. Monolith.vc noted that Pectra doesnt directly affect ETH supply like the Merge did, so a short-term price spike isnt guaranteed. However, if institutions move quickly to take advantage of the new staking flexibility, ETH demand could quietly increase in the coming months.
At press time, ETH was trading at $1,843, reflecting a 2.74% surge in the past 24 hours.
Read more: https://zycrypto.com/ethereum-sets-sights-on-10000-as-pectra-upgrade-sparks-bullish-momentum/
Text source: ZyCrypto
