$ETH is currently stagnating at 40% lower than last year at this time after developers completed the Pectra update.
The Ethereum Pectra update was launched smoothly, but it did not serve as fuel to boost the price of ETH.
The second largest cryptocurrency in the world was moving sideways after the expected code changes were finalized on Wednesday.
ETH is currently hovering around $1,830, which means it continues to trade 40% lower than at this time last year.
It was similar to what happened after Ethereum completed "The Merge" and made the ambitious consensus shift from proof of work to proof of stake.
In September 2022, prices remained stable immediately after that update, but fell in the following days.
Analysts often point to Ethereum updates as "sell the news" events, as excitement does not always translate into buying pressure.
