Ethereum (ETH) co-founder Vitalik Buterin has made statements regarding the upcoming Pectra upgrade. At this point, Buterin shared exciting details, stating that Ethereum is preparing for its next major upgrade, Pectra, which is scheduled to be released in March.
Buterin, who posted from his X account, said that the upcoming Petra hard fork could double the capacity of layer-2 networks and allow Ethereum to process more transactions seamlessly, reducing congestion and fees. Vitalik noted that this would be achieved by increasing the blob target from 3 to 6.
Noting that the Pectra upgrade is expected to happen in March, Buterin also explained that developers are working on client efficiency upgrades to support higher gas limits while maintaining decentralization:
“Pectra, which is expected to be released in March, will double the capacity of L2s by increasing the blob target from 3 to 6.
I think we should also make the blob target staker-voted, so that it can be more responsive to technology developments without waiting for hard forks.”
L1 is scaling.
A big shoutout to all the developers working on EIP-4444 (history expiry), statelessness (see the new binary tree EIP! https://t.co/ajKpF66BKw ), client efficiency upgrades, and other features that will make higher L1 gas limits decentralization-friendly. https://t.co/DNsHPAhiia
— vitalik.eth (@VitalikButerin) February 4, 2025
While Buterin made important statements about the Ethereum Pectra upgrade, after the last market decline, ETH rose from 2,300 to over 2,900 in a short time, supported by US President Donald Trump's tariff plans and sovereign wealth fund news. However, ETH, which then fell again, dropped to $ 2,700 levels.
What Awaits the Ethereum (ETH) Price?
As Ethereum faces declines, popular analyst Ali Martinez said that a potential head and shoulders pattern is forming for Ethereum.
According to Martinez, ETH must stay above the critical $2,700 level to maintain its bullish structure. “Ethereum needs to hold above $2,700 to maintain its bullish structure and have a chance to reach $7,000!” Martinez said.
*This is not investment advice.
