Ethereum (ETH), the second largest cryptocurrency by market cap, has just undergone a significant network upgrade called Pectra. With a total market capitalization of $220 billion, it currently trades around $1,800. While recent price movements have been relatively subdued, this latest update suggests a bullish long-term outlook driven by growing DeFi adoption and increasing institutional interest. 2024 saw initial plans for Pectra being pushed back, due to unforeseen code challenges. However, after rigorous testing on two testnets, Pectra’s full rollout marks an exciting new chapter in the Ethereum ecosystem. 2022’s The Merge revolutionized Ethereum with a transition from proof-of-work to proof-of-stake. This recent upgrade combines previous updates Prague and Electra, introducing eleven key changes designed to enhance Ethereum’s speed, cost-efficiency, and ease of use. This is set to make the network more efficient and pave the way for wider adoption. 11 EIPs (Ethereum Improvement Proposals) address scalability, staking, user experience, and developer tools. Analysts like Michael Van De Poppe believe that this could be a catalyst for an ETH price surge.