© Reuters
Investing.com – It has now been nearly a month since blockchain transitioned from power-intensive proof-of-work to proof-of-stake. The community had to wait for this event for many years, because it was already in 2015 that work began on this transformation.
At the time, founder Vitalik Buterin thought the project would only take a year. However, it turned out that the subject was much more complex than initially expected.
Many users, who are not interested in the technical background, hoped that with the day of the transition, the merger, the performance of the blockchain would improve considerably.
The Ethereum Foundation acknowledged in advance that there are misconceptions about the impact of the merger on the blockchain. In order to avoid major disappointments, she announced that the upgrade would have no impact on gas fees and the number of transactions that can be processed per second.
This was sadly confirmed, as gas fees hit an interim mid-high on October 10, averaging $4.75 per transaction. Since August 11, 2022, gas charges had no longer averaged above the $4 mark, as data from bitinfocharts.com shows.
Ethereum Technical Price Benchmarks
Ethereum at a rate of 1. rises to $1299, Ethereum gains 1.46%, while on a weekly basis it loses 3.53%.
The cryptocurrency continues to consolidate its recent losses around the 61.8% Fibo retracement of $1,320. After two daily closes below this level, expect the September 21 low at $1222 to be tested. Below, attention would be on the 78.6% Fibo retracement of $1128.
Only with a sustained rise above the 61.8% Fibo retracement would the short-term negative sentiment subside and a rally towards the 50% Fibo retracement of $1455 could take place. .
By Marco Oehrl