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- The number of ETH in the deposit agreement recently jumped to over 274,000 ETH.
- The The community remains optimistic about the launch of the Beacon Chain on December 1st.
- Experts predict a possible increase in the price from ETH to $ 850 if the resistance at $ 600 can be overcome.
As we have already reported, there was considerable concern among some industry insiders whether December 1, 2020 could actually be held for the start date of Eth 2.0. Initially, there was rather little involvement in staking for Eth 2.0 and launching the Beacon Chain. However, more and more companies have been participating in the past three days, such as Dubai-based investment firm IBC Group, which paid nearly 22,000 ETH in the deposit agreement.
According to current data from Dune Analytics, at the time of writing 274,944 ETH of 524,288 ETH are in the deposit agreement, which must be reached to launch Ethereum 2.0. In the period from November 20 to November 22, a total of more than 130,000 ETH was deposited, so if the level continues, the target could be reached by November 25. It is remarkable that according to a report by blockchain specialist Camila Russo, 3 whales are responsible for more than 25% of all ETH stka.
In addition, the Bitcoin Trading Agency from Switzerland, Bitcoin Suisse, will also contribute 71,891 ETH to ensure the launch and thus support the Ethereum ecosystem. According to Mikael Bondum, this amount will be collected by midnight on November 24, 2020 and then paid in the deposit agreement. The company is also considering offering a secondary market through this interface, but nothing is ready for discussion yet:
As long as the transferability to Ethereum 2 is not activated, the ether is blocked. We are testing the possibilities of the secondary market, but nothing is certain.
The required amount of 524,288 must be paid in full 7 days prior to launch, on December 1st, by November 25th, 2020. Otherwise, the launch must be postponed. However, Ethereum founder Vitalik Buterin recently expressed his confidence in Reddit during an Ask-Me-Anything session.
The trader expects an ETH price of $ 850
The launch of Eth 2.0 is also seen as a catalyst for a further increase in the ETH price. Over the past 24 hours, ETH has recorded a 7.95% gain at a price of $ 581.88 and is therefore on track to break out of the next strong $ 600 resistance.
Trader and analyst George said on Twitter that ETH could rise relatively quickly to $ 850 if the next resistance at just under $ 600 is breached. The chart below shows that ETH could reach a new local high in 2020, as above $ 600 no sell orders or other resistance could stop the price early. He also advises his followers to wait until ETH has overcome the resistance and only then to open a position in ETH.
Buying here doesn’t make much sense to me. I would expect a re-accumulation around the previous resistance or a break above the mid / weekly supply of the range to subsequently reach $ 850.
Source: https://twitter.com/George1Trader/status/1330460644076818433/photo/1
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