Ethereum co-founder Vitalik Buterin shared details about the upcoming Pectra upgrade, scheduled for March.
Pectra Upgrade Details
Vitalik Buterin stated that the Pectra upgrade will double the capacity of layer-2 networks by increasing the blob target from 3 to 6. This will allow Ethereum to process more transactions with reduced fees.
Impact on the Network
The upgrade also involves client efficiency enhancements to support higher gas limits without compromising decentralization. Developers are working on EIP-4444 (history expiry) and other technologies that will help Ethereum remain decentralized.
Ethereum Price Outlook
Following the recent market decline, ETH price rose from $2,300 to over $2,900, then dropped again to $2,700. Analyst Ali Martinez notes that Ethereum must stay above the $2,700 level to maintain its bullish pattern.
The Pectra upgrade will open up new possibilities for Ethereum, increasing its capacity and reducing fees, which could positively impact its market price in the future.
