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.
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.
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.
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.
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.’