ETH Price Breakout Imminent As Ethereum Eyes $500 Levels

November 18th, 2020

ETH-$500 While Bitcoin (BTC) is on a roll hitting new 2020 highs, Ethereum (ETH) is following the cue. At press time, Ethereum (ETH) is trading at a price of $491 with a market cap of $55 billion. The worldโ€™s second-largest cryptocurrency is eyeing an imminent breakout above $500 levels.

With a closing above the $488, market analysts are expecting a breakout to $700 levels based on historical charts. Thus, for those who have missed the initial run-up for Bitcoin (BTC), they can still make the most of the upcoming ETH price rally.

Besides, the Ethereum fundamentals are also getting strong with every passing day. The total number of addresses holding over 1 ETH has hit an all-time high surpassing the previous levels of September 2020.

On the other hand, thereโ€™s also an inflow of institutional money coming to Ethereum. The Grayscale Ethereum Trust (ETHE) has seen a surge of 27% in assets under management (AUM) during the month of November. As of date, the ETHE has 1.221 billion of assets under management that contributes 11% of the total AUM by Grayscale.

Ethereum DApps Progress, ETH 2.0 Developments

Ethereum remains the hot platform for all the decentralized applications (DApps) and DeFi tokens. In another milestone, the top ten DApps on Ethereum have registered an average of over 1 million daily active users on the platform.

Besides, with the DeFi wave this year, Ethereum has settled more value on-chain than any other blockchain platform. Ethereum 2.0 Beacon Chain launch is currently scheduled for December 1. Despite the Ethereum deposit contracts going live more than a week back, there arenโ€™t enough stakers so far.

Ethereum coordinator Danny Ryan recently posted:

โ€œTo trigger genesis at this time, there must be at least 16384 32-ETH validator deposits 7 days prior to December 1. If not, genesis will be triggered 7 days after this threshold has been met (whenever that may be)โ€.

But out of the minimum threshold, thereโ€™s only 20% staking so far within the deposit contracts.

So far, nearly 475 depositors have conducted around 3000 transactions within the deposit contracts. Well, it is very much likely that we might see further delay in the launch if there arenโ€™t enough ETH deposits.

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