Key takeaways:
ETH price has underperformed its peers during the current bull market, but gas sponsorship could lure developers and traders back to the network.
Ethereum’s upcoming Pectra upgrade promises to improve staking efficiency, potentially increasing demand for ETH.
Data suggests ETH price bottomed. Will the Pectra narrative reignite bullish momentum?
Since 2024, ETH (ETH) has been more of a meme than a market mover. Unlike most of its rivals, ETH still hasn’t reclaimed its all-time high of $4,870 from November 2021, and it regularly underperforms even in the weak altcoin market. Currently, ETH trades at $1,813, down 56% from its local peak in December 2024.
Despite the dismal price action, dismissing Ethereum as a relic may be premature. The network continues to evolve, and the upcoming Pectra upgrade scheduled for May 7 could rekindle market interest. By addressing long-standing user experience challenges and improving staking, Pectra may help Ethereum