Quick take:
Ethereum investors are still sending their ETH to the ETH 2.0 deposit contract
. According to DappRadar, a total of 2,201,474 Ethereum is currently staked on ETH 2.0. This amount of Ethereum is now valued at $2 Billion due to ETH zooming past the $800 price ceiling and into the $900 territory last experienced in early 2018.Furthermore, the value of Ethereum locked on the ETH 2.0 deposit contract has doubled in less than one month as the deposit contract breached $1 Billion in ETH locked on December 18th. This last milestone was only 16 days ago.
Below is a screenshot of the amount of Ethereum staked on the ETH 2.0 deposit contract courtesy of DappRadar.com.
The value of Ethereum locked on the ETH 2.0 deposit contract hitting a value of $2 Billion is primarily due to a significant increase in the value of ETH today, January 3rd. Ethereum opened the day at a $775 only to catapult past the $800 and $830 resistance levels
to post a two year high of $946 – Binance rate.A quick glance at the daily ETH/USDT chart below reveals that Ethereum needs to flip the $750 and $800 resistance levels into support for its bullish momentum to be maintained into $1,000 territory.
Also from the daily ETH/USDT chart, the following can be observed.
However, the crypto markets are generally in bullish territory led by Bitcoin which has just posted a new all-time high of $34,817 – Binance rate. Ethereum’s fate is very much tied to that of Bitcoin’s and the bullishness of the latter digital asset could mean ETH will keep climbing into 4 digit territory.
As with all analyses of Ethereum, traders and investors are advised to use stop losses and low leverage when trading ETH on the various derivatives platforms.