- Ethereum postpones Pectra Upgrade to May 7.
- This gave altcoin whales an opportunity to accumulate more ETH during the dip.
- One ETH bought $11.5 million worth of ETH for a total of 6,488.5 ETH.
In the wake of what could be an explosive price pump for the altcoin market, Ethereum postpones Pectra Upgrade to May 7. This bull cycle has been waiting patiently for its highly-anticipated altseason to see altcoin prices explode. Much like the Pectra Upgrade, altseason has also delayed this cycle. Analysts expected ETH to lead the cycle’s altseason, perhaps the mainnet launch of the Pectra Upgrade will be the trigger?
Ethereum Postpones Pectra Upgrade to May 7
The Ethereum blockchain is the first original blockchain to follow the Bitcoin blockchain. It gave birth to altcoins, smart contracts, NFTs, DeFi, and much more. Its many innovations however caused a lot of congestion which meant the Ethereum chain needed upgrades to meet with the network’s growing demands. Ethereum 2.0 launched to unveil significant upgrades to the Ethereum ecosystem, the latest of which is the Pectra Upgrade.
In detail, Ethereum developers confirm the launch of the Pectra Upgrade to the Ethereum mainnet on May 7 2025 after they complete one last smooth final test on the Hoodi testnet to ensure that weeks of coordination have resolved all prior technical issues. The launch was meant to take place at the end of April and has since been postponed to ensure that all expectations will be met.
This upgrade will be the first Ethereum upgrade of the year, preceded by the Dencun Upgrade in March 2024. Presently, Pectra is waiting to finish the last of its three testnet trials, the first of which covered bugs and other errors, thereby delaying the mainnet launch and having the Pectra Upgrade launch moved to May 7, 2025. The upgrade is also meant to wane out network challenges such as congestion and high gas fees whilst improving interoperability between its layers and other chains.
Whale Scoops 6,488.5 ETH Amid Ongoing Price Dip
The long-awaited altseason is expected to arrive soon, possibly in Q2 of 2025, having been delayed by an underperforming Q1. As Bitcoin Dominance shows signs of collapsing and giving altcoins their time under the spotlight, Ethereum is expected to lead the change and analysts believe a new ATH could trigger an explosive altseason.
According to the post above, it seems that ETH whales are thinking along the same lines, that the ongoing dip is a golden opportunity to accumulate altcoins especially ETH which is a long way away from its previous ATH price. Most recently, the price of ETH fell to the $1,700 price range and the data in the post above shows that a whale spent $11.5 million USDC to buy 6,488.5 ETH at $1,772 per ETH token.
