Ethereum's Pectra upgrade went live on Wednesday, but ETH's price remained relatively stable. The cryptocurrency is currently trading around $1,830, which is 40% lower than its value at the same time last year. This mirrors the market's reaction after Ethereum's "The Merge" in September 2022, where prices initially remained flat before declining.
The Pectra upgrade, designed to enhance usability for ETH owners and validators, includes 11 Ethereum Improvement Proposals. However, the market's focus is currently on today's Federal Open Markets Committee meeting. Investors believe there's a 95.6% chance that interest rates will remain unchanged, according to the CME FedWatch tool.
Ethereum co-founder Vitalik Buterin believes simplifying Ethereum's infrastructure could boost adoption. While Bitcoin and Solana have reached new all-time highs this year, ETH remains below its record price of $4,891 set in November 2021.
This article is based on our author's analysis of materials taken from the following resources: undisclosed.