Ethereum’s (ETH) development team has regrouped and is once again proceeding with the highly anticipated Pectra upgrade.
After two failed tests of the Pectra upgrade, the network’s core developer team has moved to create a new testnet to demonstrate the code update a final time before trying once again to deploy it. On social media, the Ethereum Foundation said that on March 26, the test chain will be upgraded to the new version of Ethereum and evaluated for performance and stability.
A successful test in late March will pave the way for developers to again try and institute the Pectra upgrade that includes several code changes designed to make Ethereum faster, more efficient, and more user-friendly. Most importantly, the Pectra upgrade is expected to add “smart contract” functionality and give users the ability to pay transaction fees in cryptocurrencies other than Ethereum.
Difficult Time for ETH
The Pectra upgrade is now expected to be completed by the end of April or early May of this year. The problems with the Pectra enhancements come at a difficult time for Ethereum. The network is facing pressure from declining prices and a leadership transition at the Ethereum Foundation.
ETH also faces growing competition from other blockchains such as Solana (SOL). Still, Pectra is set to be one of the Ethereum blockchain’s most ambitious changes to date. Ethereum is currently trading at $1,930, having declined 45% over the last 12 months.
Is ETH a Buy?
Most Wall Street firms don’t offer ratings or price targets on Ethereum, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of ETH has declined 53% in the last 12 weeks, marking a sharp decline.
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