$ETH Ethereum's highly anticipated Pectra upgrade is scheduled to go live on May 7. This hard fork includes 11 Ethereum Improvement Proposals (EIPs) aimed at enhancing scalability, staking, and user experience. Notably, EIP-7702 introduces gas fee sponsorship, allowing users to pay transaction fees in tokens other than ETH, potentially improving accessibility and reducing friction for new users.
Ethereum has experienced a challenging year, with its price dropping over 46% year-to-date. This decline is attributed to factors such as underwhelming ETF inflows and increased competition from other blockchain platforms.
Technical Indicators: Currently, ETH is trading around a critical support zone between $ETH 1,772 and $ETH 1,824. A sustained move above this range could pave the way for a rally toward $2,100, while a breakdown might see the price retesting lower support levels.
