Odaily Frontline | 3 Reasons Why ETH Surges to 5-Month Highs Today

This article comes fromBeInCrypto, original author: Martin Young

Odaily Translator |

This article comes from

, original author: Martin Young

It is only a matter of time before Ethereum finally wakes up. This morning, the world's second largest digital asset ushered in a surge, but what is really driving the momentum of ETH?

Today, the price of Ethereum surged to a five-month high. Although it has not yet returned to the high of $285 in February 2020, if the current momentum continues, I believe ETH will reach a new high for the year.

After several weeks of range-bound trading between $220 and $250, Ethereum finally broke resistance today, all the way up to $270.

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This brought ETH's intraday gain to 12%, though by press time, ETH prices had retreated slightly to the $265 range. Since experiencing "Black Thursday" in mid-March, Ethereum has recovered 140%.

The uptick allowed ETH price to easily break above the 50-day moving average and also above the 200-day moving average, which reached a golden cross in mid-May. The two indicators have since become increasingly separated, implying that the trend is strengthening on this time frame.

But weekly price action paints a different picture, as the price of ethereum trades mostly sideways after nearly two years of relative inactivity. If ETH can break above the February high of $285, the next breakout target is major resistance/support levels around $360 to confirm a bullish trend.

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Ethereum 2.0 Final Public Testnet Launch Date AnnouncedThe main driver of the current momentum appears to be an announcement confirming the official launch of the Ethereum 2.0 multi-client public testnet.On Wednesday, ethereum developers released the specifications for an official public testnet, rekindling hopes of a mainnet launch before the end of the year. August 4th will be the day Medalla, the Ethereum 2.0 public testnet, goes live. Medalla means "medal" and is a nod to the "Olympic" testnet used to prepare for the Ethereum 1.0 launch.

After the news was released, Ethhub co-founder Anthony Sassano quickly carried out

spread: "The 'official' Ethereum 2.0 phase zero public testnet (codenamed 'Medalla') will go live on August 4th. If all goes well, this will be the final testnet before mainnet launch. Finally coming!! "Medalla will be the fifth Beacon Chain testnet in phase zero of the long-awaited Serenity upgrade. The new Ethereum blockchain initially went live on the Sapphire testnet in April, when the genesis block was mined, validated and tested using the smaller 3.2 ETH storage.

After successfully going online,

, and issued staking rewards with the confirmation of the then co-founder Vitalik Butterin (V God). The next testnet to go live is Onyx in June. By the end of the month, the testnet was running stable with about 20,000 validators. Finally, Altona, a coordinated multi-client testnet, went live in early July to ensure stability ahead of the public testnet launch in August.

Prysmatic Labs, which has conducted most of its testing so far, reported last week that its Prysm ETH 2.0 client had been successfully audited by blockchain security firm Quantstamp. Over the weekend, Prysmatic confirmed that developers are “very close” to releasing the final testnet. Besides Prysm, PegaSys (Teku), Status (Nimbus) and Sigma Prime (Lighthouse) clients have also participated in most recent testnets.

Medalla is still run by a decentralized group of programmers, developers and code reviewers, but will be officially deployed by the Ethereum Foundation. Project coordinator Afri Schoedon also commented on other testnets working to make the beacon chain run smoothly: “The Schlesi testnet is one of many steps in that direction. So is the Witti testnet. There is also the Altona testnet. Medalla The testnet aims to be the last testnet before the mainnet launch.”

secondary titleETH is grossly undervalued, and the whales are on the moveEthereum remains undervalued compared to Bitcoin, even after today's brief volatility. Bitcoin has recovered nearly 50% from its all-time high, but Ethereum is still more than 80% below its peak.ETH still has a lot of room for development, its。

On-chain metrics and adoption have improved significantly compared to three years ago. This also includes itsNetwork fees and gas usage are at an all-time high

Whales have recently moved large amounts of Ethereum

: “Over the past 3 days, the top 100 whales moved nearly 700,000 ETH. During this time, the total balance of the top 100 ETH non-exchange addresses decreased by nearly 700,000, or about $182.7 million .This may be an early warning before ETH goes up."

In an open letter Wednesday, the U.S. Office of the Comptroller of the Currency (OCC)express, National Savings Bank and Federal Savings Associations can offer cryptocurrency custody services to their customers. The release of the open letter comes just a month after the OCC sought public input on the digital activities of such institutions, including in the areas of digital assets and blockchain, and marks a shift in the U.S. banking industry's relationship with the nascent cryptocurrency ecosystem. major changes. "Banks may offer more secure storage services than existing options," the letter states.

Brian Brooks, acting OCC administrator and former Coinbase chief legal officer, said in a statement that this view demonstrates that banks can continue to meet customers’ needs to protect their most valuable assets, which today is critical for millions of Americans. This also includes cryptocurrencies.

express

, National Savings Bank and Federal Savings Associations can offer cryptocurrency custody services to their customers. The release of the open letter comes just a month after the OCC sought public input on the digital activities of such institutions, including in the areas of digital assets and blockchain, and marks a shift in the U.S. banking industry's relationship with the nascent cryptocurrency ecosystem. major changes. "Banks may offer more secure storage services than existing options," the letter states.

Brian Brooks, acting OCC administrator and former Coinbase chief legal officer, said in a statement that this view demonstrates that banks can continue to meet customers’ needs to protect their most valuable assets, which today is critical for millions of Americans. This also includes cryptocurrencies.

This news has the crypto community very excited.

Ripple CEO Brad Garlinghouse tweeted that the U.S. Office of the Comptroller of the Currency’s ruling is a big step forward. The OCC's actions are absolutely at the forefront when it comes to promoting innovation, protecting consumers, and leveling the playing field for all. The future is by no means a duel between fiat currency and encryption, but that they can and should coexist harmoniously.

Fidelity officially tweeted that it appreciates the continued attention of regulators to digital assets. Fidelity Digital Assets serves institutional clients directly by working with intermediaries. The purpose is to act as a sub-custodian to help banks and other depository institutions hold digital assets.