Cold touch is an enchantment that will make all water below you turn to ice. The quickest way to get the cold touch enchantment is to make Frezarite armor (a.k.a. Jesus Pants) because that automatically has it when you make it. This enchantment has a max level of 2.
Difference between Cold Touch I and Cold Touch II[]
Armor pieces with Cold Touch combine their levels into a total level, which is what determines the effect. If you have two armor pieces with Cold Touch 1 on them, then your total enchantment level is 2. As long as your total level is 2 (or higher), you will cover a wider area while sprinting. This is meant to help those with any form of lag or latency so you don't accidentally land into the water beneath you.