Ethereum Price Rally to Continue as Over $529 Million Staked Ahead of ETH 2.0 Launch

In anticipation of the Ethereum 2.0 Phase 0 launch, an enormous amount of Ethereum has already been staked for its deposit contract as part of the new proof-of-stake network. According to the latest data shown on Etherscan, more than $529 million of Ether has already been deposited.

Ethereum 2.0’s first phase, Phase 0 is expected to launch on Dec. 1, as the minimum ETH required for its launch was a total of 524,288 ETH. With more than $529 million ETH already deposited, and which is 870,689 ETH according to Etherscan, the Ethereum 2.0 launch is expected today.

Ethereum stakes have passed its minimum deposit threshold last week, and the world’s second-largest cryptocurrency has also rallied since then. ETH’s price has surged over 3 percent in the past 24 hours, taking it over the $600 levels, as Bitcoin’s price led the latest crypto rally.

Bitcoin recently set a new all-time high, trading over $19,800 in the past 24 hours. Bitcoin managed to break past its old all-time high achieved in 2017. The digital asset pushed past $19,780 on certain exchanges and even hit $19,844 as it approached the crucial $20k level recently. 

Although Bitcoin has recently reached a new all-time high, Ethereum still has a long way to go. ETH is currently still 125% away from its all-time high. A pseudonymous crypto analyst recently commented on Ethereum’s price trend:

“$ETH still 125% away from it's all time high. $BTC reached it, now the fun begins when $ETH reaches its all time high bringing alts with it. Target of early 2021.”

Ethereum’s all time high was over $1,440 recorded on Jan. 13, 2018. With Bitcoin’s recent rally, another cryptocurrency trader, recently commented while pointing to the graph below:

“$ETH looking so bullish on the weekly. Basically no resistance until $800.”

Source: Tradingview via Twitter

A cryptocurrency technical analyst believes that Ethereum will be trading at over $1,000 by February 2021. The Ethereum network has now more nodes than the Bitcoin network, according to Ethernodes. 

With Ethereum 2.0 Phase 0 deposits flooding in, and receiving way more than what was required for its launch, and the decentralized finance (DeFi) industry reaching almost $15 billion in total value locked, ETH is expected to climb even higher.