Ethereum News: Pectra Mainnet Upgrade Delayed for Further Testing

In a recent development, Ethereum’s highly anticipated Pectra Mainnet Upgrade has encountered a setback. Here’s what you need to know about the delay and its implications for the cryptocurrency.

Ethereum Pectra Mainnet Upgrade Delayed

Ethereum’s Pectra Mainnet Upgrade has been delayed. This decision was made during Ethereum’s All CORE Developers Consensus Call (ACDC) #153 on March 20. The development team is taking a cautious approach to ensure a smooth and stable upgrade process. Instead of confirming a mainnet date, they will monitor the upgrade’s performance on Hoodi, a newly launched testnet designed to assess Pectra’s stability. Ethereum Protocol Support Lead Tim Beiko hinted that Pectra will be scheduled 30+ days after Hoodi forks successfully, pending infra and client testing.

US Treasury Removes Sanctions on Ethereum Mixer Tornado Cash

The U.S. Treasury has lifted economic sanctions on Ethereum mixer Tornado Cash, reversing its 2022 blacklisting decision. The Treasury cited a reassessment of legal and policy issues related to digital financial activities. The decision comes after a review of how financial sanctions apply to decentralized platforms. The Treasury remains focused on combating state-sponsored cybercrime, particularly money laundering linked to North Korea’s weapons programs.

Ethereum: Whale Activity and Market Trends

ETH dropped below $2k after two days above this level. However, buyers were aggressive, leading to a shift in fortunes as Ethereum reclaimed $2k. According to CryptoQuant, there was a negative netflow of over 150,000 ETH on derivative exchanges, indicating reduced selling pressure and potential accumulation by large entities. This was further evidenced by a whale withdrawing 8,313 ETH worth $16.46 million, signaling bullish sentiments.

Ethereum Price Forms Megaphone Bottom Not Seen Since 2020

Crypto analyst TradingShot revealed that Ethereum’s price has formed a megaphone bottom, a pattern not seen since 2020. The analyst noted that ETH is currently on the first week of a rebound after three consecutive red weeks and is taking on a lower lows trendline, which is technically the bottom of a 1-year megaphone since the March 11, 2024 high. This provides a bullish outlook for the altcoin.