ETH’s price plummets 18% to fall below $1800 following hacker disruption of Pectra upgrade.

In recent developments, Ethereum’s highly anticipated Pectra upgrade has been delayed due to a hacker disrupting the rollout process. As a result, the price of ETH has plummeted by 18%, dropping below $1800. This significant drop has left many Ethereum investors feeling disheartened and uncertain about the future of the digital asset.

The news of the postponed upgrade came as a shock to the Ethereum community, especially after the successful rollout of the final testnet for the upgrade, Sepolia. Unfortunately, the development team encountered errors with the geth nodes, resulting in the postponement of the upgrade. Developer Marius van der Wijden explained that an error in the deposit contract triggered a transfer event instead of a deposit event, leading to further issues that were exploited by an unknown user.

This setback has had a profound impact on ETH’s value, with the price experiencing a steep decline in a short period of time. Data from CoinMarketCap shows that ETH has suffered losses of 9% in the last 7 days and 30% over the past 30 days. This crash has also triggered a flash liquidation of leveraged ETH trades worth $237 million, primarily affecting long positions in the market.

The prolonged decline in Ethereum’s value has left a majority of ETH holders facing unrealized losses. As market sentiment continues to dwindle due to negative macros, investors are unsure about the next steps to take in such a volatile and uncertain market environment.

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