Lorenzo Stroe
Independent Analyst
- Ethereum price jumped to $665 as the crypto market turns bullish.
- The Eth2 deposit contract has over 1.528 million ETH inside, worth $1,016,450,390 at current prices.
The interest in Ethereum staking continues growing as more than 1.52 million ETH have been locked inside the Eth2 deposit contract in just one month. At current prices, this represents over $1 billion.
Ethereum price reacts positively and aims for $1,000
Although most of the recent price action is due to Bitcoin reaching new all-time highs above $23,000, the amount of Ethereum deposited inside the Eth2 deposit contract remains a notably bullish factor.
Although users can directly deposit their Ethereum coins inside the contract themselves, many popular exchanges have already announced their support for ETH staking. Coinbase, for instance, plans to roll out Eth2 staking in early 2021.
ETH/USD 12-hour chart
On December 16, Ethereum price broke out of an ascending triangle pattern on the 12-hour chart with an initial price target of $740. However, as we have stated in our last analysis article, a move above $780 would open the doors for $1,000.
Additionally, CME Group has recently announced a new product for Ethereum futures set to launch in February 2021. Furthermore, the number of addresses with a balance exceeds 50 million for the first time ever, indicating that there is a lot of interest in the digital asset.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.