Ethereum News: Ethereum in Accumulation Mode, Eyes $2,100 Resistance

Ethereum Price In Accumulation Mode

Ethereum price started a recovery wave above the $2,020 zone and is now consolidating near the $2,080 resistance. The price is trading above $2,025 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $2,010 on the hourly chart of ETH/USD. The pair must clear the $2,075 and $2,100 resistance levels to start a decent increase. Ethereum formed a base above the $1,880 level and cleared the $1,950 and $1,980 resistance levels, pushing the price above the $2,000 level and testing the $2,100 zone with a high at $2,104.

Celo Completes Ethereum Layer-2 Transition

Celo finalized its migration to an Ethereum Layer-2 network on Wednesday, utilizing Optimism’s OP Stack and EigenDA for data availability. The upgrade, completed at block height 31,056,500, strengthens Celo’s security and enhances interoperability with Ethereum while maintaining features like low transaction fees and fast processing times. The move follows 20 months of planning, testing, and governance discussions since its initial proposal by cLabs in July 2023.

Custodia and Vantage Bank Launch America’s First Bank-Issued Stablecoin on Blockchain

Custodia Bank and Vantage Bank have announced the launch of the first-ever U.S. bank-issued stablecoin deployed on a permissionless blockchain. On March 25, Custodia revealed that it had tokenized U.S. dollar demand deposits and issued the stablecoin “Avit” on Ethereum using the widely adopted ERC-20 token standard. Custodia declared that a new U.S. dollar payment rail has now been activated inside the U.S. banking system. The development demonstrates that federally regulated banks can compliantly issue tokenized deposits on public blockchain networks.

Fidelity Nears Launch of Dollar-Pegged Stablecoin

Fidelity Investments is reportedly close to launching a U.S. dollar-pegged stablecoin through its crypto division, Fidelity Digital Assets. This marks another significant step in its ongoing expansion into digital assets. The move comes as the regulatory environment in the United States turns increasingly favorable toward crypto under the Trump administration. Additionally, Fidelity is introducing an Ethereum-powered “OnChain” share class for its U.S. dollar money market fund.