Ethereum is on the cusp of a significant update known as Pectra, which aims to boost blockchain efficiency. While the recent global economic climate has contributed to a slight price dip for Ethereum, this new development could potentially drive growth in the long run. Let’s explore how Pectra will impact the network and its potential effect on the price. The update combines the Prague execution layer with the Electra consensus layer, merging them into one cohesive system. The most notable EIP (Ethereum Improvement Proposal) within this update is EIP-7702, spearheaded by Ethereum co-founder Vitalik Buterin, and it introduces account abstraction to enable more flexible wallet functionality without transaction fees.