CandleFocus Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
2024-09-20
Author: Content Editor
Ethereum is up 6% following the decision by core developers to split the upcoming Pectra upgrade into two phases. Phase one will feature eight Ethereum Improvement Proposals (EIPs), including a method of account abstraction and an upgrade to bytecode processing. Phase two will come later and focus on improving blob capacity. The decision allows key features to be implemented in the first phase while properly implementing the second phase. Meanwhile, Ethereum ETFs saw a net outflow of $9.8 million. Ethereum's price broke above resistance and could rally to $2,595 or even $2,817 if it maintains bullish momentum. Ethereum's futures open interest also reached its highest level since the market crash on August 5, indicating growing trader confidence. The 4-hour RSI and Stochastic indicators suggest a potential correction, but a daily close below $2,395 would invalidate the bullish thesis.
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