Eth2 Reaches Required 524,288 ETH

According to the official contract address of Eth2, the contract has finally reached 524,288 ETH, most of it in the past four days with only 10 hours left until the minimum genesis target. The highly anticipated upgrade is set to be launched on December 1.

Any user interested in staking needs to deposit 32 ETH in the contract. The Eth2 version will employ the Proof Of Stake (POS) so users will require to put in their “stake” to act as validators on the new network and receive ETH rewards for participation.

The principal requirement for launch is that users deposit 524,288 ETH or equip 16,384 validator setups to make the new launch. Vitalik Buterin himself has contributed to the contract depositing 3,200 ETH to show his confidence in the network.

Ethereum Price Analysis

The current price of Ethereum is around $620 as the digital asset continues climbing thanks to the massive interest shown by investors in the Eth2 version. The digital asset has recently broken the psychological level at $600 and it’s aiming for $1,000.

ETH/USD weekly chart – TradingView

The Fibonacci Retracement indicator is showing some notable resistance levels on the way up on the weekly chart. There is a strong resistance level at $591 which was broken hours ago. However, it seems that ETH is re-testing the level now. The next significant Fib level is 0.618 at $907 followed by the all-time high at $1,419.

It seems that Eth2 is already having a massive impact on the price of Ethereum which continues surging to new highs. Can we see the digital asset hit $1,000 by the end of 2020?