Ethereum’s Momentum Is Accelerating As ETH 2.0 Launch Is Confirmed For Dec.1 – 3 Reasons For ETH Price Rise Over $600

Ethereum is another digital asset that exploded these days.

At the moment of writing this article, ETH is trading in the green, and the coin is priced at $616.24. 

ETH is up by more than 6% in the past 24 hours.

There’s massive hype around Ethereum these days just ahead of the ETH 2.0 launch.

Here’s what Binance posted on Twitter:

The launch of ETH 2.0 is not the only trigger of the price rally

Cointelegraph notes that the massive ETH rally is not fueled only by the upcoming ETH 2.0 release.

The online publication notes that the ETH 2.0 mainnet will launch when the number of Ether (ETH) staked in the ETH2 deposit contract address hits 524,288.

Data from CryptoQuant is showing that the value staked in the ETH2 deposit contract address is showing a correlation with the ETH price.

The same publication notes that Ki Young Ju, CEO of CryptoQuant, noted that the correlation is rising as the launch date approaches.

“As the ETH 2.0 launch date approaches, it seems to be a growing correlation between $ETH price.”

It’s important to note that the price of ETH broke $600 for the very first time since back in 2018.

Cointelegraph also noted that “if ETH surpasses $620, the next high time frame resistance levels are found at $784, $915 and $1,200.”

Ethereum rally backed by powerful fundamentals

This rally is backed by some very strong fundamentals.

We also recommend this Coinbase Speaker Series with Ethereum’s Vitalik Buterin.

The price rise of ETH comes as the launch of ETH 2.0 is confirmed for December 1st.

Cointelegraph notes that ETH 2.0’s beacon chain genesis is now set to take place on the earliest possible launch date of Dec. 1.

Genesis takes place seven days after the required deposit contract’s threshold was met.

Stay tuned for more exciting news!

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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