Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum has experienced a surge of over 6% in value following the decision made by core developers to split the upcoming Pectra upgrade into two phases. This move was made in order to address concerns regarding potential risks associated with shipping a series of approved Ethereum Improvement Proposals (EIPs). The first phase of the upgrade, which is set to go live in early 2025, will focus on improving the user experience in wallets, including a proposal by Ethereum co-founder Vitalik Buterin. The second phase will include enhancements to bytecode processing and execution, as well as an implementation of a protocol to improve blob capacity. Ethereum’s upward momentum could continue if it successfully overcomes the $2,595 resistance level. Additionally, the growth in Ethereum’s futures open interest indicates trader confidence in the potential for further price increases. However, it’s important to note that a daily candlestick below $2,395 would invalidate this bullish thesis and could lead to consolidation.