Ethereum (ETH) is displaying signs of revival following a lateral trading period. The recent Pectra upgrade serves as a crucial catalyst for a new market momentum.
Current Ethereum Price Data
As of May 7, Ethereum's price is trading around $1,827, up 1.36% in the last 24 hours. The daily chart shows ETH has established a firm base above its 20-day and 50-day moving averages, indicating a regain of control by bullish traders.
Pectra Upgrade: Key Changes
The Pectra upgrade merges two major tracks: Prague (execution layer) and Electra (consensus layer), introducing EIP-7702, which allows standard Ethereum wallets to operate like smart contracts. This enhances usability for DeFi, NFT platforms, and gaming dApps.
Market Reaction and Future Predictions
The market appears to be responding positively to the Pectra upgrade, with Ethereum's price beginning to rise and establishing new support levels. If the price stays above $1,800, the short-term outlook remains bullish, with a potential test of the $2,000 level.
With the Pectra upgrade live and improved technical indicators, ETH is entering a new phase of potential growth. While the breakout has not fully ignited yet, Ethereum remains an asset to watch closely in the coming weeks.
