ETH is back on track after recording a bull run of 4% in the past 24 hours. After a tough run of weeks, ETH developers have finally released some good news. A core developer posted a tweet signaling the release of the testnet on June 8.

The Ethereum community seems to be sighing with relief after the rollercoaster kicked off in May. The Terra crash increased the volatility levels in the market with Ethereum caught in its mix. The crash also led to a massive drop in ETH prices dropping to just $1600. Since then it has been difficult to recover from it.

Back on track?

In the past 24 hours, ETH prices rose more than 4% and crossed $2000 again. This is a very important hurdle for investors as they accelerate on these bullish signals. A surprising observation was found that key metrics were not responsible for the price increase.

The only other prominent line of reasoning would be the testnet launch release. According to the tweet by Preston Van Loon, the “Ropsten testnet will be merged on June 8.” This is a “huge test milestone” towards Ethereum’s mainnet merger, slated for late 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: “As far as we know, if everything goes according to plan, August, it just makes sense.” Justin Drake, of the Ethereum Foundation, also noted that there is a “strong desire for this to happen before the difficulty bomb is bombed in August”.

Coming back to the stats, they seem to be having a rough day with very less volume across the Ethereum network. As Glassnode reportsmedian transaction volume recently hit a 10-month low of $124.49.

Interestingly, the previous 10-month low on this metric was on July 25, 2021 at $127.7. Low transaction activity has been a cause for concern on the Ethereum network, but news from the testnet is expected to bolster demand soon.

Source: Glassnode

One reason for the lack of volume in the market is because of the following statistic. The number of lost addresses reached its highest point in 2 years at 33.7 million. This low is worrying because high Ethereum transaction fees often prohibit users from transacting.

Source: Glassnode

After the merger, Ethereum is expected to have low transaction costs along with a scalable and environmentally friendly network. The good news for now is how Ethereum is finally getting back on its feet.

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