In a large mixing bowl, combine cream cheese, shredded cheddar cheese, and unsalted butter. Add garlic powder, onion powder, smoked paprika, salt, and black pepper. Blend until smooth and creamy, about 2-3 minutes.

Scoop the mixture onto plastic wrap and shape it into a ball. Refrigerate for at least 1 hour.

Finely chop the pecans or walnuts and mix with parsley. Once the cheese ball is firm, unwrap it and roll it in the nut mixture until fully coated.

Place the coated cheese ball on a serving platter and surround it with crackers or baguette for dipping.