For the past few days, everyone has been paying attention to Bitcoin as it hit its highest price in nearly three years. However, Ethereum is also developing steadily, which is reflected in the social participation on Ethereum staking.
Ethereum is one of the top-performing crypto assets today, although it lags behind its big brother. The ETH price got its first boost when the deposit agreement was officially implemented on November 4th. The net worth rose 5% to $405.
Bitcoin is a major driving force behind the upward movement in ETH prices. Today’s 8% increase to $440 shows this. In both cases, according to LunarCrush’s analysis, Ethereum’s social participation has increased in the past day or two.
Ethereum Staking Set to Launch
With the gradual transition from Ethereum to ETH 2.0 and the proof-of-stake consensus, staking is becoming increasingly popular and this trend could continue. Since the official announcement earlier this week, 33,125 ETH has been invested in smart contracts. These statistics are gotten from data Eth 2 Launchpad.
For phase 0 to start generating the beacon chain, a minimum threshold of 16,384 validators is required, and 32 ETH must be deposited with 524,288 ETH at least 7 days in advance.
The developers suggest that this will happen in early December. Currently, the network accounts for 6.3% of its total. Therefore, ETH worth $211 million is needed.
Although participation was slow, to begin with, enthusiasm for staking is on the rise. Most ETH holders might wait a few months before waiting for the beacon chain to start and work normally before putting it in their pockets.
Also, the secured ETH must be locked for at least a year so that DeFi offers better money-making opportunities and greater financial flexibility.
Price Update on ETH
Ethereum pulled back slightly from a two-month high of $440 and fell below $430, but it appears to be regaining momentum at the time of writing.
There is very little resistance to a high of $480 in 2020. So if ETH can break through the current levels, things will likely move quickly. On the other hand, the support is at $420 and the support is at $380.