$ETH 📈 Current Status of Ethereum Price

After the significant Pectra update on May 7, Ethereum experienced a remarkable 20% increase within 24 hours, reaching about $2400. This jump is considered the largest daily increase in the past four years. However, the current price is still far from the historic peak of $4105 in 2021.

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🔧 Impact of the Pectra Update

The Pectra update, which includes the largest changes to the Ethereum network since the Merge in 2022, consists of 11 Ethereum Improvement Proposals (EIPs). This update is designed to increase transaction speeds, reduce costs, improve wallet usability, and raise the staking cap from 32 to 2048 ETH for each validator. Despite these advancements, experts do not expect an immediate price increase, as Ethereum continues to face stiff competition from faster blockchains like Solana.