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**Key takeaways** :
 * ETH price has underperformed its peers during the current bull market, but gas sponsorship could lure developers and traders back to the network.
 * Ethereum&#8217;s upcoming Pectra upgrade promises to improve staking efficiency, potentially increasing demand for ETH.
 * Data suggests ETH price bottomed. Will the Pectra narrative reignite bullish momentum?
Since 2024, ETH (ETH) has been more of a meme than a market mover. Unlike most 
of its rivals, ETH still hasn&#8217;t reclaimed its all-time high of $4,870 from 
November 2021, and it regularly underperforms even in the weak altcoin market. 
Currently, ETH trades at $1,813, down 56% from its local peak in December 
2024.
Despite the dismal price action, dismissing Ethereum as a relic may be 
premature. The network continues to evolve, and the upcoming Pectra upgrade 
scheduled for May 7 could rekindle market interest. By addressing long- 
standing user experience challenges and improving staking, Pectra may help 
Ethereum narrow the competitive gap with rivals like Solana and BNB. What&#8217;s 
more, it could potentially serve as the catalyst that brings ETH price back 
into the spotlight.
## What are Pectra&#8217;s key upgrades?
The Pectra upgrade introduces 11 Ethereum Improvement Proposals (EIPs) aimed 
at strengthening Ethereum across three dimensions: scalability through 
layer-2s, user experience (UX), and staking efficiency. Scalability remains 
Ethereum&#8217;s most persistent challenge, and critics argue that monolithic L1s 
would consistently outperform modular L2-based architectures. However, the UX 
and staking improvements in Pectra could have truly meaningful implications 
for Ethereum and ETH&#8217;s market dynamics.
The standout upgrade is EIP-7702, which allows externally owned accounts 
(regular user wallets) to temporarily act like smart contracts. This unlocks 
features such as fee sponsorship and gas payments in tokens other than ETH.
These enhancements could make Ethereum significantly more user-friendly, 
lowering entry barriers, enabling DApps to sponsor new users&#8217; gas fees, and 
improving wallet functionality with less friction. This is particularly 
relevant for onboarding non-technical users in gaming, payments, and mobile 
apps, which continue to face hurdles due to poor UX.
Another positive aspect is that the option to pay gas fees with tokens other 
than ETH won&#8217;t diminish ETH&#8217;s role in the network. At the protocol level, 
validators will continue to receive fees in ETH, while payment processors will 
have to convert the fee tokens into Ether.
On the staking side, EIPs 7251, 6110, and 7002 will also bring major changes. 
allow validators to hold up to 2,048 ETH instead of just 32, and significantly 
simplify validator onboarding and exits. Validators will be able to stake up 
to 2,048 ETH instead of just 32, and the onboarding and exit processes will 
become more seamless. These changes are especially meaningful for 
institutional validators. As disappointed institutions are starting to sell 
their ETH holdings, this upgrade could stimulate renewed engagement from big 
players.
## Will the Pectra upgrade affect ETH price?
Ether&#8217;s price reflects the market&#8217;s expectations around its future demand, 
driven by its use to pay gas fees, and the dynamics of its supply. The Pectra 
upgrade is designed to strengthen both sides of that equation: increasing 
demand while reducing available supply.
On the demand side, a significantly improved user experience could attract 
mainstream users and developers, accelerating adoption and onchain activity.
On the supply side, streamlined and institution-friendly staking mechanisms 
may lead to more ETH being locked in validator nodes, tightening the 
circulating supply and potentially exerting upward pressure on price. 
Furthermore, if more innovative wallet features fulfill their promise of 
driving user adoption, the increased transaction throughput will also 
accelerate ETH burning, reducing the supply even further.
Data shows Ethereum is currently experiencing one of its lowest burning 
periods ever, around 70 ETH per day, compared to 2,000 to 4,000 ETH in 2024. A 
resurgence in activity could push the burn rate higher, adding deflationary 
pressure that may support the price.
_Burned ETH after EIP-1559 (daily).Source:__The Block_
 _**Related:**__**Ethereum is destroying the competition in the $16.1T TradFi 
tokenization race**_
## Can Pectra spark an ETH price trend reversal?
Pectra is set to add powerful features to Ethereum, but their impact may take 
time to materialize. In the meantime, the upgrade could provide the narrative 
ETH needs to regain market momentum.
Technically, the setup looks favorable. ETH appears to have already formed a 
local bottom, with the weekly RSI &#8212; often a reliable reverse signal &#8212; 
breaking out of its downtrend on April 20. This marks the end of a correction 
that lasted since December 2024 and wiped out as much as 66% of ETH&#8217;s value. A 
new uptrend could be underway, but could Pectra be its trigger?
_ETH/USD 1-day. Source: Marie Poteriaieva, TradingView_
Historically, Ethereum upgrades often coincided with short-lived price spikes 
that often failed to create momentum. In 2022, the Merge was overwhelmed by 
bear market sentiment. The Shapella in 2023, which enabled stake withdrawals, 
struggled to sustain momentum. The 2024 Dencun upgrade, which improved L2 
integration, marked the end of the March rally.
However, the market cycle is now in its third year, just like in 2021, when 
Ethereum&#8217;s Berlin and London upgrades (improving gas pricing and introducing 
burning) helped fuel a major bull run. If history rhymes, Pectra could sync 
with the broader rally and mark Ethereum&#8217;s return to strength.
Looking ahead, the Fusaka hard fork scheduled for late 2025 could add further 
upside potential to Ether.
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.