The Ethereum Pectra upgrade will be available on Wednesday after developers fix issues with its deployment on the Sepolia testnet. The top altcoin aims to hold the $2,200 support level amid negative sentiments about Pectra’s failure on testnets.
Ethereum Pectra Upgrade Resolved
The Ethereum Pectra upgrade on the Sepolia testnet—an environment for testing features before full-scale deployment—has returned to regular operation after encountering challenges. Tim Beiko, who coordinates Ethereum core developers meetings, stated in a blog post that the upgrade on Sepolia originated from a bug in its deposit contract that prevented execution layer (EL) clients from including transactions in blocks. However, developers quickly coordinated to resolve the problem. We’ve identified and deployed a fix for the Sepolia deposit contract issue found earlier today,” wrote Beiko in an X post. This marks the second issue that Pectra has encountered on testnets in less than two weeks. Pectra failed to finalize on the Holesky testnet last week due to configuration issues with EL clients.
While Pectra’s recent testnet challenges sparked concerns among Ethereum ETF community members, developers have assured users that the issues are only peculiar to testnets. This issue is due to Sepolia’s configuration and could not occur on the Ethereum main net,” added Beiko. Sepolia is the last testnet upgrade before Pectra’s mainnet deployment, which developers had initially slated for April. Recent issues make it unclear whether developers will proceed with Pectra’s initial schedule.
Pectra will introduce several improvements to Ethereum, including account abstraction features like sponsored transactions, payment of gas fees with ERC-20 tokens, and improved wallet recovery options. Pectra will also enable stakers to consolidate their resources by increasing the maximum staking balance per node from 32 ETH to 2,048 ETH.
Ethereum liquidations hit $44.63M.
Ethereum experienced $44.63 million in futures liquidations in the past 24 hours, per Coinglass data. The total liquidated long and short positions accounted for $20.02 million and $24.61 million, respectively. ETH saw a rejection near the lower boundary of an ascending channel earlier in the week and has struggled to hold the support level near $2,200. If ETH reclaims the channel’s lower boundary, it could retest the critical resistance near $2,850.
However, a weekly candlestick close below $2,200 could send ETH to find support near $1,500. The Relative Strength Index (RSI) is below its neutral level, while the Stochastic Oscillator (Stoch) has crossed the oversold region. This indicates dominant bearish momentum and signs of potential sellers’ exhaustion.
Ethereum (ETH) Support Levels
We examine price levels where the asset has previously reversed or bounced higher to identify Ethereum (ETH) supporters. At recent lows, buyers often entered regions that acted as resistance before flipping into support. Support can also come from psychological pricing levels, such as entire figures like $1,500 or $2,000. Moving averages like the 50-day or 200-day can also provide dynamic support; trendlines or past price action patterns might hint where ETH can find support in the future.
Final thoughts
With significant Sepolia and Holesky testnet failures, this article offers a clear update on the difficulties and advancements around Ethereum’s Pectra upgrade. The post highlights that the problems are mainly tied to the testnets rather than the mainnet, so it allays worries among the Ethereum people. Maintaining Ethereum’s integrity and future updates depends on developers’ dedication to solving problems, which is shown by their fast reaction to resolving flaws.
For Ethereum’s development, specifically in terms of scalability, user experience, and staking flexibility, the possible advantages of the Pectra upgrade—such as account abstraction features and enhancements to staking—are rather significant. However, the paper also emphasizes the uncertainty of Pectra’s deployment’s timing since the latest problems might postpone the main net introduction.