The much-anticipated upgrade of Ethereum from version 1 to version 2.0 will finally happen on December 1. This confirmation comes after the deposit contract fulfilled its ETH staking objective. ETH prices responded to the development by blasting past the $600 level.
Ethereum 2.0 Deposit Contract Fulfils Staking Objective
The Ethereum 2.0 deposit contract has met its ETH staking objective securing the network’s genesis launch for December 1. More than 18,000 validators have staked a little above 600,000 ETH in the deposit contract. This takes the total stake upwards by about 15 percent (more than the threshold of 524,288 ETH).
The Ethereum and the crypto community, in general, celebrated the achievement as the world’s second-ranked blockchain prepares to switch protocols from proof-of-work (PoW) to proof-of-stake (PoS).
According to Ethereum advocate Anthony Sassano, the top 10 depositors staked almost 180,000 ETH, which accounts for more than 30 percent of the 524,288 ETH threshold. But this number (read concentration of staking whales) is supposed to go down as more depositors line up.
5/ The top 10 depositors account for ~178,080 of the total ETH sent into the deposit contract so far which is ~34% of the minimum 524,288 ETH.
We can expect the top 10’s share of the network to go down as more deposits come in over time. pic.twitter.com/yg2dm68iBR
— Anthony Sassano | sassal.eth 🏴 (@sassal0x) November 24, 2020
He observed that the staking whales didn’t show up much at the beginning as the confidence was low, and there wasn’t much to gain, but as of now, the scenario has changed drastically.
ETH Price Rallies Past The $600 Mark
While Ethereum 2.0 readied itself for its scheduled launch with the astronomic infusion of ETH deposits, ETH bulls have been busy pumping the coin. As of writing, Ethereum’s native token has cleared over the $600 resistance giving rise to a massive FOMO.
Crypto market observers and analysts have projected a supremely bullish outlook for ETH. While commenting on the Ethereum 2.0’s deposit fulfillment, noted bitcoin and cryptocurrency trader Josh Rager pointed out that it is hard to be bearish on ETHUSD’s price performance.
He doesn’t shy away from mentioning near-term pullbacks but maintains the bullish sentiments by calling for a breach of the $700 resistance next.
Price just hit weekly and daily resistance at $618
With Ethereum 2.0 Genesis happening it’s hard to be bearish on $ETH price
Pullbacks will happen but next targets will be at the $668 and $714 price areas pic.twitter.com/IUyqSzVjRE
— Josh Rager 📈 (@Josh_Rager) November 24, 2020
When asked about whether or not the current ETH will hold value post the consensus mechanism switch, Mr. Rager replied in the affirmative. However, he also commented that ‘ETH will still work on ETH 2.0’ and that ‘this a slow process’ with ‘many phases.’