Crypto-investors long Ethereum amid the upcoming Ethereum 2.0 transition despite the high transaction fee.
The transaction fee on Ethereum blockchain reached 0.032631 ETH today equivalent to $15.31 according to Blockchair.
Despite the high transaction fee, Ethereum investors await the upcoming Ethereum 2.0 transition scheduled on September 10 this year. The transition implies significant changes in the blockchain such as changing the PoW consensus to PoS, introduction of shard chains which according to the Ethereum founder Vitalik Buterin will improve the transaction speed from the current 15 tps to 100,000 tps.
Ethereum weekly chart demonstrates a continuation of the bullish trend up to $730 and $800 if the current resistance of $488 is overtaken.
However, an hourly chart signals a further decline if the correction continues short-term. The decline shouldn’t take longer and mostly is depending on the success of the transition, whereas if the transition is postponed and such announcements are made by the Ethereum team, investors may seek to close the positions at the current levels and short Ethereum to $443 and $439.
Ethereum 2.0 transition remains on track as scheduled, Vitalik Buterin assures users, that when the Eth 2.0 transition is complete, the sharding will help increase the transaction speed by 100 times, and at the same time decrease the transaction fee by the same amount.
Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.