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Ethereum’s long-awaited Pectra upgrade officially went live on May 7, bringing new changes to the network. The update includes several Ethereum Improvement Proposals (EIPs) aimed at improving scalability, staking, and user experience.
Experts believe Pectra could help drive Ethereum’s price past $2,000, a mark last seen on March 28.
Tracy Jin, COO at MEXC, said that the upgrade could attract institutional interest. She said it may also draw developers back to the network, boosting Ethereum’s role in the Web3 space.
ETH has already shown signs of strength. Analyst Ted Pillows pointed out on X that Ethereum recently broke through a key resistance level. The altcoin climbed to $1,929 today – its highest price in a month – after a 4.9% jump in 24 hours.
On-chain data from CryptoQuant also shows rising confidence. Since the upgrade, ETH staking increased by 627,000 coins, reaching 34.4 million in total.
However, not all views are bullish. Marcin Kazmierczak of RedStone warned that more activity on Layer 2 networks could affect ETH’s supply burn. He explained that Layer 2 transactions burn fewer ETH tokens compared to Layer 1.
Kazmierczak also noted that Ethereum’s plan to scale Layer 1 directly is still in progress, and real results may take time.
For now, the market is watching closely. With strong momentum and growing interest, Ethereum’s path to $2,000 looks more likely – but not guaranteed.
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