The Ethereum 2.0 network how has over 200k validators. The chart below courtesy of CryptoQuant further illustrates the increment of validators on the Ethereum
2.0 network since December 2020.Furthermore, deposits to the Ethereum 2.0 contract continue to increase as the switch to a Proof-of-Stake algorithm, progresses on the network.
According to Etherescan, there is a total of 6,420,866 Ethereum on the ETH 2.0 deposit contract worth $14.857 Billion. The growth of deposits to the ETH 2.0 contract has been visualized through the following chart courtesy of CryptoQuant.com.
In a similar analysis of the amount of Ethereum validators and deposits to the ETH2.0 contract, the team at Weiss Crypto Ratings pointed out that Kraken is the single largest depositor of ETH as explained in the following statement.
The largest depositor by far is Kraken which stakes 12.5% of all ETH. In fact, exchanges have deposited 24.9%, staking pools 21.8%, and whales 10.1% of all ETH into ETH2.
With respect to price action, Ethereum has benefited positively from Bitcoin’s impressive push to the $40.5k price ceiling earlier this week. The push to $40.5k by Bitcoin resulted in Ethereum hitting a local peak value of $2,433 and thus managing to recapture the crucial 200-day moving average as support.
Ethereum’s impressive rebound in the crypto market has been highlighted in the following ETH/USDT chart.
At the time of writing, Ethereum is trading at the $2,300 price area with its bullish climb most likely to continue due to the following observations from its daily chart.