The post Ethereum’s Pectra Upgrade Uncertainty Grows Amid Testnet Issues and Price Decline Above $2,000 appeared on BitcoinEthereumNews.com.

The Ethereum network faces challenges as the Pectra upgrade’s deployment on the Holesky testnet was delayed due to critical finalization issues. This setback raises concerns about Ethereum’s scalability enhancement plans and pricing stability as ETH tests the $2K support level. Georgios Konstantopoulos noted a significant bug related to the deposit Contract Address, which was pivotal in the upgrade’s execution problems. Ethereum’s Pectra upgrade hits snags on the Holesky testnet, impacting deployment timelines and ETH’s price as it struggles at key support levels. The Importance of the Pectra Upgrade for Ethereum’s Future The Pectra upgrade is crucial for Ethereum as it aims to address multiple enhancements that focus on user experience, blob scaling, and smart wallet functionality. These updates are essential for improving Ethereum’s position in the competitive blockchain landscape, especially against rivals like Solana [SOL]. Regarding the current issues, developers are optimistic that the finality concerns will be resolved promptly with improvements on major execution clients. The originally planned schedule was to launch the upgrade on Holesky by February 24, proceed with Sepolia on March 5, and eventually execute on the mainnet. However, with the Holesky testnet activation not proceeding smoothly, the timing for the full rollout remains uncertain. Market Reactions and Implications of the Delays As the situation unfolds, market participants are closely analyzing ETH’s price movements. Notably, ETH has recently dropped to 2024 lows above $2,000, a critical support level which, according to analysts, could either halt the downward trend or signify further bearish pressure. According to CryptoQuant‘s founder Ki Young Ju, large holders known as “whales” have significantly increased their presence in the Ethereum market. “10K-100K ETH address balances grew by 24% in a year, mostly fueled by inflows from wallets holding less than 1K ETH,” he commented, suggesting a bullish sentiment among institutional investors despite current…

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Filed under: News - @ February 26, 2025 1:24 am