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

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. 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.

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.

Timeline of Ethereum