ETH 2.0 Deposit Contract Reaches Target, Launch to Proceed

The Ethereum 2.0 deposit contract has reached the required staked ETH amount of 524,288. Apparently, this signals enough funds to activate the Beacon Chain.

The Ethereum 2.0 phase zero will launch on December 1. For the launch to happen, the ETH 2.0 contract must collect 16,384 deposits of 32 ETH each. Collectively, this means a total of 524,288 ETH worth about $200 million.

Over 290,000 ETH Staked on ETH 2.0

From November 20 to 24, a total of more than 350,000 ETH have been deposited. As this level continued, the target amount was reached ahead of the expected date (November 25). Otherwise, the team must postpone the ETH 2.0 launch.

The ETH 2.0 deposit contract address has reached its target. This is a significant milestone for the much-awaited upgrade of the second-largest blockchain. Among the greatest contributors for ETH staking is crypto service provider Bitcoin Suisse.

Remarkably, the firm reportedly staked nearly 100,000 ETH by November 24.

On the other hand, Chairman of Dubai-based IBC Group Khurram Shroff also supports the launch of Ethereum 2.0. In fact, it commits to roughly 20,000 ETH staked ($10 million) in ETH 2.0 through CanETH.

Ethereum price prediction is bullish

The launch of ETH 2.0 is a catalyst for the Ethereum price increase. In the last 24 hours, ETH recorded 5.8% gains leading to a price of $613.89. A favorable Ethereum price prediction likely puts Ethereum over $700.

It shows capability as it breaks its strong resistance level of $600. Moreover, if the Ethereum price continues to be bullish, it could reach a new all-time high (ATH) price before the end of 2020.

Previously, Ethereum’s highest price is seen in September at $475.68. With the ETH 2.0 launch incoming and the DeFi market continuing to thrive, the Ethereum price is set to be bullish. As a matter of fact, Ethereum shows higher trading volumes than Bitcoin in the last 24 hours. In spite of that, Ripple continues to be bullish at 65.8% gains.