Ethereums Pectra Upgrade Enters Final Testing Phase Will ETH Price Pump?
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Ethereums long-awaited Pectra upgrade took a major step forward as its final test went live on the Hoodi test network. This marks a critical phase before the upgrade is officially launched on Ethereums mainnet. If all goes well, developers expect Pectra to go live in the next 30 days. With Pectras final test in motion, experts believe the ETH price will see a price surge.
Pectras Final Test on Hoodi
The Hoodi testnet is the last of three test networks to run the Pectra upgrade. The first two tests, on Holesky and Sepolia, faced technical issues, making this final test crucial.
Meanwhile, Ethereum developers created Hoodi to ensure all bugs were fixed and that Ethereums network runs smoothly before the upgrade officially launches. Thus Pectra aims to improve Ethereums user experience by introducing smart contract functionality to wallets.
This means users may soon be able to pay transaction fees using cryptocurrencies other than Ether (ETH), making transactions more flexible and user-friendly.
Why Testnets Matter?
Testnets like Hoodi act as practice grounds for major blockchain upgrades. Developers use them to check for bugs and prevent any issues before launching new updates on the main Ethereum network.
If the Hoodi test runs without problems, Pectra will be closely monitored for 30 days before its official launch.
Ethereum Price Outlook
While the network upgrade is gaining attention, Ethereums price has also been making waves. Last week, ETH rebounded nearly 7% from the $1,861 support level and is currently trading around $2,025.
IF it maintains this momentum, Ethereum could aim for its March 7 peak of $2,258. However, for this to happen, the Relative Strength Index (RSI) must move past 39 and cross the neutral 50 mark.
Further market sentiment is showing signs of improvement, with Ethereums long/short ratio reaching 1.2287, indicating that long positions are outpacing shorts by 55%. This signals strong buying interest, which could help Ethereum maintain its upward trajectory.
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Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
