The current ETH exchange rate is about USD 398. During the week, the cryptocurrency increased by over 24%. Meanwhile, the Ethereum Foundation reports that the last and official public test network, Ethereum 2.0, Medalla has been launched.
ETH price up
On Sunday, Ethereum (ETH) reached its highest level in two years, exceeding $400 for the first time since August 2018. Although after reaching the new highest level this year, the cryptocurrency suddenly collapsed, falling by 15% in a few moments, after this temporary correction it returned to the right track and is again close to $400.
The current ETH exchange rate is around USD 398.2. On a daily basis, the change is symbolic, but in the weeks, Ethereum price went up by over 24%.
According to analyst and professional trader Rakesh Upadhyay, if the bulls are able to "push the biggest altcoin above the 400-415 USD resistance zone, it is possible to increase to 480 USD".
Earlier this week, BitMEX CEO and co-founder Arthur Hayes wrote that after exceeding $400, the next target for Ethereum will be $500 - a level not seen since summer 2018.
The reason why Ethereum's analysts and growers are becoming increasingly optimistic is the upcoming update of the network.
Ethereum 2.0: Medalla test network launched
According to the announcement of the Ethereum Foundation, the Medalla test network was launched on 4 August, which is the last test network before the launch of the main network of Ethereum 2.0 - which is currently scheduled for November.
According to its creators, Ethereum 2.0 is expected to be a significant improvement, the largest ever update of Ethereum to speed up and improve the blockchain network. It will improve the scalability and performance of the network, and provide rewards for all its users.
According to developer Danny Ryan, the launch of the Medalla test network is of paramount importance as it enables critical features to be tested in the environment, giving users and developers the opportunity to test its scalability and performance.
"The launch of the Medalla is a huge milestone in the development of eth2 - if the Medalla proves stable, the launch of the main network is next - and marks years of hard work by countless engineers, researchers and community members. We hope you are as excited as we are"
- Ryan wrote.