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cryptocurrency November 21, 2020

Ethereum ETH Coin

Quick take:

  • Ethereum successfully broke the $500 price ceiling setting a 2 year high of $518 – Binance rate
  • Ethereum’s move above $500 also coincided with an increase in deposits to the ETH 2.0 contract
  • The process is now 28% complete, up from yesterday’s 20% 
  • Ethereum holders have until Monday, 23rd November, to send enough ETH to trigger Phase 0 by December 1st
  • If deposits continue to increase, ETH could continue gaining in the crypto markets

Ethereum (ETH) is once again above $500 in a feat that has been two years in the making. The last time Ethereum traded above $500 was in June 2018. Ethereum’s push above this crucial level is tied to the progress of the ETH2.0 upgrade that is scheduled to launch Phase 0 on December 1st.

Ethereum Rising Above $500 Coincided With a Spike in ETH 2.0 Deposits

For the upgrade to kick-off on the scheduled date, 524, 288 ETH needs to be sent to the staking contract seven days before the aforementioned date. This means that the process needs to be complete by Monday, 23rd November.

Yesterday, the process was 20% complete with a total of 106,976 ETH of the required 524,288 ETH sent to the deposit contract. A quick look at the progress via CryptoQuant.com reveals that the total sent to the deposit contract now stands at 148,032 ETH which is 28% of the required amount.

Ethereum’s rise above $500 coincided with a significant 24-hour spike in ETH sent to the deposit contract further confirming an earlier theory that whales are waiting till the last minute to do so.

The chart below, courtesy of CryptoQuant.com, provides a better visual representation of yesterday’s increase in deposits alongside the value of ETH rising in the crypto markets.

Ethereum's Rise Above $500 Coincided With a Spike in ETH 2.0 Deposits 2

ETH’s Value Could Keep Gaining as More Deposits are Made

Connecting the dots, Ethereum traders are bullish on the price of ETH based on the number of deposits made to the ETH2.0 contract. The chart above by CryptoQuant, also confirms this given the price of ETH in the crypto markets has risen in a linear manner with the number of Ethereum deposits.

Therefore, and as ETH deposits continue, the value of Ethereum could continue to benefit until the full 524, 288 ETH is staked. Also worth noting is that ETH2.0 has a series of other phases that will also provide considerable investor excitement in the days and weeks to follow.

However, Ethereum traders and investors are cautioned that Bitcoin is due for a correction any sudden volatility will definitely affect ETH. Therefore, stop losses and the use of low leverage is highly recommended as the crypto-verse approaches tomorrow’s weekly close.

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