ETH is back on track after registering a 4% rise in the past 24 hours. After a series of tough weeks, ETH developers have finally released some good news. A core developer posted a Tweeter signaling the release of the testnet on June 8.
The Ethereum community seems to have a sigh of relief after a roller-coaster start to May. The Terra crash stretched the volatility levels in the market with Ethereum caught in the mix of it. The crash also led to a massive dip in ETH prices which dropped to as low as $1600. Since then, it has been difficult to recover from that.
Back on track?
In the past 24 hours, ETH prices have climbed over 4% and crossed $2,000 again. This is a very important threshold for investors as they accelerate on these bullish signals. A surprising observation was found that the main measures were not responsible for the price increase.
The only other important reasoning would be the release of the testnet launch. According to Tweeter by Preston Van Loon, the “Ropsten testnet merges June 8”. This is a “huge test step” towards the Ethereum mainnet merger scheduled for the end of 2022.
In a recent event co-hosted by Bankless, Van Loon, and Justin Drake, The Ethereum Foundation, let out another well-kept secret. Van Loon said that “As far as we know, if everything goes to plan then, August- it just makes sense.” Justin Drake, from the Ethereum Foundation, also commented that there is a “strong desire to make this happen before difficulty bomb in August.”
Going back to the metrics, they seem to be having a tough day with very less volume on the Ethereum network. Like glass knot reportsthe median trading volume recently hit a 10-month low at $124.49.
Interestingly, the previous 10-month low on this metric was on 25 July 2021 at $127.7. Low transaction activity has been a cause for concern on the Ethereum network but the news of the testnet is expected to bolster demand soon.
One of the reasons for the lack of volume in the market is due to the following metric. The number of lost addresses reached a peak in 2 years at 33.7 million. This low is concerning because high Ethereum transaction fees often prevent users from executing trades.
Post-Merge, Ethereum is expected to adopt low transaction fees along with a scalable and environment-friendly network. The good news, for now, is how Ethereum is finally getting back on its feet.
