Ethereum [ETH] HODLing on Rise As Active Supply Hits 17-month Low

The Ethereum network has registered a recent jump in ETH HODLers as the active supply for ETH has reached a 17-month low of 14,731,616.765 ETH. This clearly shows the rising confidence for Ethereum among investors indicating a bull movement for the world’s second-largest cryptocurrency.

???? #Ethereum $ETH Active Supply 6m-12m (1d MA) just reached a 17-month low of 14,731,616.765 ETH

Previous 17-month low of 14,734,140.154 ETH was observed earlier today

View metric:https://t.co/YM2Xza5HtJ pic.twitter.com/7cty6Ohau4

— glassnode alerts (@glassnodealerts) November 2, 2020

At press time, Ethereum (ETH)  is trading 3.57% higher as it regains the $400 levels after almost a week of consolidation. The total number of addresses on Ethereum have just crossed 10 million as per the Glassnode data. Interestingly, other data metrics show that:

“Ethereum (ETH) Total Number of Addresses Holding 0.1+ coins just reached an ATH of 3,601,364 Previous ATH of 3,601,167 was observed earlier today”.

For the last week, ETH has been trading at a support level of $385. However, the recent move above $395 suggests that it has entered a positive zone. As per analysts, Ethereum (ETH) will form new support at $395 while preparing itself for the next leg of the journey.

Resuming Trials for Ethereum 2.0 Medalla Testnet Phase 0

All eyes are on Ethereum 2.0 launch as trials for the Medalla testnet is likely to resume soon. The insufficient participation from validators has kept the testnet offline for the past few weeks. Yesterday’s tweet from Bitfly suggests that validator replacement has started with the aim to resume testing back again.

Validator massacre has begun!
664 validators are now in the exit queue. ????

Medalla should reach finality in approximately 2 days.

Follow the exit queue on https://t.co/wa8Yvd8HLC pic.twitter.com/0eWogmKgwd

— Bitfly (@etherchain_org) November 1, 2020

Analysts state that  “no incentivization” has been the prime reason behind low validator participation. Ben Edgington, the ConsenSys developer for ETH 2.0 said:

“Medalla right now is highly unrealistic, and spending too much effort on optimising for its current state is unproductive. Medalla testnet ran perfectly smoothly for two months, but it’s been nineteen days since the chain last finalised – we need 2/3 of the validators present and correct to achieve this. Medalla is currently oscillating between about 30% and 60% – this is likely due to a periodic performance issue in the majority client.”

Ethereum Continues to Drive Corporate Interest

Despite the recent hurdles with Ethereum 2.0, businesses and corporations continue to show their interest in the Ethereum blockchain. Last week, the telecom giant Verizon announced a new technology to log press releases on the Ethereum blockchain network. Verizon said that the new tech system called Full Transparency is “designed to raise the bar for corporate accountability”.

Verizon’s ‘Full Transparency’ launches blockchain verification for news releases. Learn more about how @Verizon is leveraging public blockchain, designed to raise the bar for corporate accountability. https://t.co/Qw1JHWoDwX pic.twitter.com/kEegEYVzE9

— Verizon News (@VerizonNews) October 30, 2020