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Ethereum 2.0 Deposit Contract Released: Can ETH Overtake Bitcoin Again? - Binaryx
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Ethereum 2.0 Deposit Contract Released: Can ETH Overtake Bitcoin Again?

Ethereum has reached the long-awaited point of no return – the launch of the deposit contract opens the door for the full deployment of Ethereum 2.0. Will this be the impetus for a rapid rally in ETH, and will the asset have enough strength to outshine Bitcoin again?

Ethereum 2.0 deposit contract entered into force

Yesterday Vitalik Buterin officially announced the launch of the Ethereum 2.0 deposit contract. The crypto community took this news with a bang, as now there is an exact idea of ​​when the updated version of Ethereum will be launched. The deposit contract should act as a buffer between the current Proof-of-Work (PoW) blockchain and the future Proof-of-Stake (PoS) ecosystem.

The details of working with the deposit contract were reported by the project coordinator Danny Ryan on the official Ethereum website. That is “v1.0 of the ETH2 specs”, which allows validators to raise funds for staking. The deposit contract has a precise implementation deadline – MIN_GENESIS_TIME 1606824000. This will take place on December 1, 2020, 12pm UTC. The Genesis Phase is seen as a transitional Lanka towards the deployment of Phase 0 Ethereum 2.0.

The minimum entry threshold for staking ETH2 is 32 ETH. The same validator can make several deposits if the key condition is met – the size of each of them must not be less than 32 Ether.

To start the zero phase, validators must make a total of 16,384 deposits in the amount of 524,288 ETH 7 days before the scheduled end of the genesis phase (December 1). That is the ideal case. If deposits fall behind the scheduled time, the network launch will be postponed for another 7 days.

Danny Ryan in his blog indicated the address of the deposit contract – 9310de0ff3e1154c718a260ce3e5c71e9f187133. He also turned to the potential validator with a request to check the correctness of the indication of the address to which they are going to send funds as a deposit several times.

Will there be an Ethereum rally?

Vitalik Buterin’s announcement of the launch of a deposit contract had a “bombshell”. The market has already reacted with a jump in Ethereum prices above $400.

Crypto analysts have also become noticeably more active, as their forecasts for the upcoming Ethereum rally received another confirmation in the form of a large green candle that appeared on the chart. In particular, renowned trader Josh Rager believes that Ethereum now has good potential to soaring rapidly.

With the news of the launch of ETH 2.0, we can well expect Ethereum to bounce up from the current price. But can Ethereum bypass Bitcoin?

The answer to this question was not long in coming. Another equally popular trader, Michaël, shared his forecasts regarding the price dynamics of Ethereum. He posted on Twitter a technical chart that illustrates the upcoming movement of the ETH/USD pair. The trader noted the following:

Ethereum has to overcome the current area (around the $438 mark – ed.). After that, the path to $440 and higher will open for the crypto asset.

The trader is convinced that the Ethereum rally is only a matter of time. As a result of the bull run, Ether could again outperform Bitcoin in key market metrics.