Depends on what you mean by High?
If you mean along the edge then I’d ctrl+x the blue vert(You can also use x->disolve vertex). This will probably create wierd effect, but that is to be expected. Then select the vertex above where the blue vertex was and the one below it. then press J to create an edge between them. Right click and subdivide to create a vertex in the center of those 2. Then Shift+Ctrl+Tab->Set snapping to vertex snapping. Shift+Tab to turn snapping on. select the new blue vertex(The one created by the subdivide). Press G twice to go to edge slide mode. Move mouse over to yellow vertex and left click mouse. Shift+select yellow vertex and press J.
If you mean towards and away from the view then that is a little bit trickier I think.
