ETH Fees Down in New Update – Will Ethereum Rise?

After the Dencun upgrade on Ethereum, fees on layer-2 (L2) protocols have dropped significantly, in some cases by 99%. Many crypto enthusiasts therefore see the Dencun upgrade as one of the most influential upgrades since the Merge.

What does this upgrade mean for the Ethereum price? Will Ethereum still rise after its current correction? Let’s delve into the current Ethereum price.

New Dencun Upgrade Ensures Lower Transaction Costs

Several L2 platforms, including Optimism, Base and Zora OP mainnet, have seen a drastic drop in gas fees after the Dencum upgrade. The average transaction fee for Optimism dropped to $0.05. For Base this dropped to $0.064, $0.5 on Arbitrum and $0.16 on zkSync Era.

Within just 24 hours, Optimism and blockchains based on the Optimism tech stack in particular experienced the largest declines.

We love to see it.

OP Chains have the most affordable decentralized L2 transaction fees after 4844, bringing us that much closer to the reality of seamless end-user experiences.

✨In Blobs We Trust✨ pic.twitter.com/WOovhcZelk

— Optimism (@Optimism) March 14, 2024

The Dencun hard fork introduced nine different Ethereum Improvement Proposals (EIPs). EIP-484 introduced data blobs, a new transaction method for L2s.

These data blobs can avoid the traditional “call data” process to publish information on the Ethereum mainnet. This allows faster transactions at lower costs. The Dencun upgrade was in development for two years.

Scalability and low Ethereum fees were the main goals of the upgrade. There are already signs that this upgrade has helped with the transaction costs of several L2s. Still, experts believe that Dencun is only a temporary solution, but not enough to help the Ethereum network scale.

ETH Price Prediction: Will Ethereum Still Rise?

The entire crypto market has fallen in the past week, including Ethereum. However, we expect this correction to be only temporary. With a current value of At $3,488.35, ETH is down 2.59% in the last 24 hours.

This further marks a decline of 13.60% in a week. In contrast, ETH is still up 24.35% in the past 30 days and as much as 92.49% in a year. The current correction could therefore be granted to investors who protect their profits.

The technical indicators are also bearish in the short term. The Relative Strength Index (RSI) is currently hovering just above oversold territory with a value of 36.7.

The Moving Average Convergence Divergence (MACD) has also recently made a bearish crossover, indicating that further declines are in store. So it could take a while before Ethereum can rise again.

In the long term, the world’s largest altcoin continues to look healthy. The current Dencun upgrade, which has resulted in lower Ethereum fees, is also an excellent addition to the smart contract blockchain.

With these solid fundamentals, it is almost a given that Ethereum will rise again. The only question will remain when exactly this will happen.

Altcoins to Rise During Ethereum Correction

With no near-term upside likely for Ethereum, investors may be looking for the best altcoins that can deliver better returns in the short term.

That is why we have two crypto projects below that can cause explosive increases due to their relatively low market capitalization. Invest in the projects below to temporarily avoid Ethereum’s correction.

Green Bitcoin – Crypto with Unique and Sustainable Functionality

Green Bitcoin ($GBTC) is a brand new crypto project that introduces a unique concept. Gamified Green Staking allows users to stake their tokens and then make predictions about the Bitcoin price. If someone knows how to predict the correct price, he or she will earn huge prizes.

Of the 21 million $GBTC tokens, 50% will be sold during the presale. The remaining 50% is divided between staking rewards (20%), community rewards (10%), marketing (12.50%) and liquidity on exchanges (7.50%).

By investing in the presale now you can immediately start staking and earn an annual return of up to 95%. Tokens are available for just $1.0682 each. Be quick and buy tokens with ETH, USDT or your debit card.

Dogecoin20 – The Next Big Meme Coin

Dogecoin20 ($DOGE20) is a brand new meme coin that takes inspiration from the biggest meme coin, Dogecoin. In addition, the project differs in a number of respects: for example, Dogecoin20 contains staking and is not affected by inflation.

Users can earn staking rewards of up to 367% per year. Because of the proof-of-stake mechanism, the project is also more sustainable than its original source of inspiration. The supply of 140 billion tokens is fixed, which means that $DOGE20 has no inflation, unlike $DOGE.

Dogecoin20 recently started its presale. Enthusiasts and investors have the opportunity to purchase the token at a low price. Buy the coin for just $0.000164 each and enjoy the explosive gains.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.