ETH Price Breakout Imminent As Ethereum Eyes $500 Levels

While Bitcoin (BTC) is on a roll hitting new 2020 highs, Ethereum (ETH) is following the cue. At press time, Ethereum (ETH) is trading at a price of $491 with a market cap of $55 billion. The world’s second-largest cryptocurrency is eyeing an imminent breakout above $500 levels.

With a closing above the $488, market analysts are expecting a breakout to $700 levels based on historical charts. Thus, for those who have missed the initial run-up for Bitcoin (BTC), they can still make the most of the upcoming ETH price rally.

The last two times #Ethereum $ETH closed above the $488 level, it advanced 75% in 7 days and 66% in 21 days. This is why many technical people are predicting breakouts to the $600-$720 area as there simply isn’t much on the chart between these areas. pic.twitter.com/6VQDjMmM6g

— Architect (@DataCommandant) November 18, 2020

Besides, the Ethereum fundamentals are also getting strong with every passing day. The total number of addresses holding over 1 ETH has hit an all-time high surpassing the previous levels of September 2020.

📈 #Ethereum $ETH Number of Addresses Holding 1+ coins just reached an ATH of 1,168,862

Previous ATH of 1,168,839 was observed on 19 September 2020

View metric:https://t.co/IuKpD48IXd pic.twitter.com/MeyZ4WrivL

— glassnode alerts (@glassnodealerts) November 18, 2020

On the other hand, there’s also an inflow of institutional money coming to Ethereum. The Grayscale Ethereum Trust (ETHE) has seen a surge of 27% in assets under management (AUM) during the month of November. As of date, the ETHE has 1.221 billion of assets under management that contributes 11% of the total AUM by Grayscale.

Ethereum DApps Progress, ETH 2.0 Developments

Ethereum remains the hot platform for all the decentralized applications (DApps) and DeFi tokens. In another milestone, the top ten DApps on Ethereum have registered an average of over 1 million daily active users on the platform.

The top 10 decentralized applications #DApps on the @ethereum blockchain have reached 1,017,760 daily active users on average over the past month.
out of those numbers infographics shows daily active users. #WazirXWarriors pic.twitter.com/ZuW8ydIrmt

— Nikhil D Prince 🇮🇳 (@NikhilDPrince) November 18, 2020

Besides, with the DeFi wave this year, Ethereum has settled more value on-chain than any other blockchain platform. Ethereum 2.0 Beacon Chain launch is currently scheduled for December 1. Despite the Ethereum deposit contracts going live more than a week back, there aren’t enough stakers so far.

Ethereum coordinator Danny Ryan recently posted:

“To trigger genesis at this time, there must be at least 16384 32-ETH validator deposits 7 days prior to December 1. If not, genesis will be triggered 7 days after this threshold has been met (whenever that may be)”.

But out of the minimum threshold, there’s only 20% staking so far within the deposit contracts.

100,480 ETH has been staked in the Eth2 deposit contract.

423,808 more ETH is needed to launch Eth2.

███░░░░░░░░░░░░░░░░░ 19.2%

— Eth 2.0 Deposit Contract – Progress Meter Bot (@DepositEth) November 18, 2020

So far, nearly 475 depositors have conducted around 3000 transactions within the deposit contracts. Well, it is very much likely that we might see further delay in the launch if there aren’t enough ETH deposits.