Ethereum’s Gas Limit Surges as Vitalik Buterin Confirms Pectra Upgrade Timeline

• Ethereum’s gas limit surpasses 32 million, marking a significant step toward improved network scalability and transaction processing.
• Vitalik Buterin confirmed the Pectra upgrade in March, doubling L2 capacity and transforming externally owned accounts into smart contract-like entities.
• Ethereum’s price rebounds over 13%, with analysts predicting a potential rally toward $7,000 if key support levels hold.

Ethereum has taken a major step toward improving scalability as the network’s gas limit surpasses 32 million. Nearly half of Ethereum blocks are signaling support for the increase, marking the first potential adjustment since the transition to proof-of-stake (PoS). The rise in gas limits allows validators to process more transactions per block, improving network efficiency.

Ethereum’s decentralized PoS consensus mechanism requires longer coordination times compared to proof-of-work (PoW). Despite this challenge, the growing support for the gas limit increase highlights the network’s push toward greater efficiency. According to Dune Analytics data the Ethereum gas limit exceeds 32 million after reaching this mark due to robust validator support.

Vitalik Buterin Confirms Pectra Upgrade TimelineEthereum co-founder Vitalik Buterin has provided key details regarding the highly anticipated Pectra upgrade. While celebrating the gas limit increase, Buterin expressed optimism about Layer 1 (L1) scaling and emphasized ongoing efforts to enhance network decentralization and efficiency.

Ethereum developers are progressing on Ethereum Improvement Proposal (EIP) 4444, aimed at implementing history expiry, alongside efforts to introduce a new binary tree structure. These initiatives support the network’s long-term goal of statelessness, making Ethereum more scalable and efficient.

Buterin confirmed that the Pectra upgrade is expected to go live in March. One of its key enhancements includes increasing the blob target from 3 to 6, effectively doubling the capacity of Layer 2 (L2) networks. He suggested that the blob target should be staker-voted, allowing adjustments based on technological improvements without requiring hard forks.

Pectra to Transform Externally Owned AccountsOne of the most significant changes introduced by the Pectra upgrade will be the transformation of Externally Owned Accounts (EOAs). The modification enables EOAs to operate similarly to smart contracts and enhances the dApp user experience. 

After experiencing a severe market correction Ethereum reached a 13% increase that brought the price to surpass $2,800 levels. The crypto analyst Ali Martinez detected a possible head-and-shoulders pattern emerging in Ethereum price charts according to his analysis. According to Martinez, ETH must stay above the critical $2,700 support level to maintain its bullish structure.