Ethereum Price Breaks $600 As Eth2 Deposit Contract is Almost Full

Ethereum has broken $600 for the first time in two years peaking at $607 on Coinbase. The digital asset has been in a colossal rally for the past week, finally catching up to Bitcoin which was dominating the market in the past month.

The Eth2 update is set to launch on December 1, however, it will only happen if the deposit contract receives 524,288 ETH in total. Initially, it started slowly with only 108,000 ETH deposited on November 20 since November 4.

However, in the past three days, more than 250,000 ETH more has been deposited inside the contract. In fact, according to the Eth 2.0 deposit contract bot on Twitter, in the past 7 hours alone, close to 100,000 ETH were deposited. The minimum genesis target on Tuesday 11/24, at 12:00 UTC, is close.

Once the deposit threshold is met, the beacon chain will go live. The Eth2 transition process will then move to the next stage.

Ethereum Price Aiming for $1,000

Ethereum was trading inside an ascending parallel channel formed on the 4-hour chart. The digital asset had a breakout on November 20, jumping above $500 and seeing a lot of continuation on the next three days, reaching $600.

ETH/USD weekly chart – TradingView

Zooming out to the weekly chart, we can observe very little resistance to the upside as it seems the next most significant resistance point is located at $829 followed by the psychological level at $1,000. The RSI is overextended but not likely to pose a threat for the bulls just yet.

The Fibonacci Retracement indicator shows 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 the 0.618 at $907 followed by the all-time high at $1,419.

ETH/USD weekly chart – TradingView

If Ethereum can decisively close above $591 today and this week, bulls would aim for $907 next and eventually the psychological level at $1,000.

The In/Out of the Money Around Price chart shows very little opposition to the upside well until $700. However, it also shows little support on the way down until the significant support area between $503 and $522 where 329,390 addresses purchased close to 6.6 million ETH.