Ethereum hits a high of $1,845 as miners decry upcoming upgrade

The ETH/USD pair settled at 1825.79 after notching a high of 1845.31 and a low of 1729.04. Prices of Ethereum rallied late Thursday and hit the 1800 level despite miners’ opposition against the upcoming upgrade in the network.

The scheduled upgrade to the Ethereum blockchain that will start getting rid of ether coins created a major furor among a large group of crypto miners as some market observers projected that this upgrade called the Ethereum Improvement Proposal (EIP) could result in up to 50% loss in the profits of ETH miners.

Getting rid of guesswork

While bracing for the execution of the EIP in July, some Ethereum miners are unhappy as the proposed token destruction is seen to deal a heavy blow on their personal profits.

EIP-1559 is reportedly ditching the so-called guesswork surrounding ETH fees, which has been a major blockade in the blockchain’s growth. Perhaps, this is the reason why Ethereum is seeing an obstacle on its path to break the $2,000 psychological level.

ETH is trading at $1,782.72 at press time, a decline of almost 1.5% in the past 24 hours. The crypto has traded hands below the $2,000 level since February 20, and the current internal frictions are hampering the mainstream investor’s motivation to see the coin trade at new levels.

Ethereum rising

Ethereum has seen a robust upward trend in the past few days, courtesy of four main reasons, according to InvestingCube. First, after falling to $1,293 last week, many long-term investors began acquiring the dip, leading to higher demand.

Second, ETH soared as part of the overall digital currency advance. Bitcoin is moderately below its all-time peak, and there’s a probability BTC will test $60,000, as some analysts expect, during the weekend.

Third, prices of ETH have risen as a result of the relatively mild inflation figures from the US. Based on data Wednesday, the overall consumer inflation was up by 1.7% in February, InvestingCube pointed out.

 

Image courtesy of David McBee/Pexels

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