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Big Bets Are Being Made on Ethereum 2.0
Ethereum has been trading sideways like most of the crypto market. When news leaked about President Joe Biden’s executive order, Ethereum prematurely rose 6% before falling back below $2,700, then falling even more to around $2,500 at the time of writing, which is down 10% in the past 7 days. It didn’t feel like too long ago, December 10th, when Ethereum pushed past $4,200, and now, breaking the $3,000 resistance level has been a challenge, only breaking past $3,000 one time since February 17th. More bearish news recently came out when Business Insider reported that Ethereum gas fees plummet to a six-month low. The reason, or reasons, for the declining gas fees could be a myriad of things; the declining interest in NFTs and DeFi, the conflict between Russia and Ukraine, inflation concerns, ‘Ethereum Killers’. Regardless of the reason, the short-term outlook for Ethereum looks bearish. However, long-term investors are betting big on Ethereum.
As reported by Decrypt.co, Ethereum 2.0 Staking Contract Now Holds 10 Million ETH. Depositors poured in $25 Billion into Ethereum 2.0, now called Consensus Layer, Ethereum’s most anticipated upgrade. Batches of 32 ETH deposits are now validators on Ethereum Beacon Chain which is the first step toward the Consensus Layer. The most notable change will be Ethereum’s transition from Proof of Work to Proof of Stake.
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