Will Ethereum 2.0 Deposit Contract Release Help ETH Outperform Bitcoin Again?

Ethereum’s creator officially announced the release of the Ethereum 2.0 deposit contract a couple of hours ago. ETHUSD markets responded with a large green candle that has pushed the network’s native cryptocurrency past the $400 mark. The question is, will this latest update help ETH outperform bitcoin once again?

Ethereum 2.0 Deposit Contract Officially Released

Ethereum’s creator Vitalik Buterin took to Twitter to announce the launch of the Ethereum 2.0 deposit contract. This is a ‘v1.0 spec release,’ as mentioned on the official website. And it will have a ‘MIN_GENESIS_TIME of 1606824000’. The real-world time for the same is December 1, 2020, at 12 pm UTC.

For ETH2 to undergo genesis at the aforementioned time, validators need to collectively make 16384 deposits of 32 ETH 7 days before December 1. In the event of divergence from the said timeline, the network genesis process will trigger 7 days after this threshold.

With the main net launchpad now live, depositors using the ‘deposit CLI’ can use the commit hash – 9310de0ff3e1154c718a260ce3e5c71e9f187133.

ETH prices responded positively to this development by printing a giant green candle on the charts, which in turn pushed ETHUSD rates past the $400 mark. Again.

Could ETH Outperform Bitcoin Once Again?

Noted cryptocurrency market observer and trader Josh Rager took this opportunity to comment on the state of the ETH markets.

$ETH

With ETH 2.0 news – could this be where we see Ethereum outperform Bitcoin again

Current level would make for a nice bounce

A break down from here would likely lead to 0.025 ETH/BTC pic.twitter.com/X7QjIuGNbd

— Josh Rager 📈 (@Josh_Rager) November 4, 2020

The analyst contemplated a scenario where Ethereum’s native token would outperform its rival bitcoin once again. He predicted a bounce before the news of the deposit contract release actually came out. However, will we see ETH superseding bitcoin in terms of price-performance on the back of this development?

Amsterdam-based trader Michaël has a response to that. Along with Mr. Rager, he was also quick to share his two bits on the latest Ethereum (ETH) price action.

$ETH #ETHEREUM

Always helps when ETH 2.0 goes live.

Area still holding and as discussed today, that would open the path towards $440. pic.twitter.com/Ty0zBJxeeM

— Crypto Michaël (@CryptoMichNL) November 4, 2020

The popular Twitter-based technical analyst opined that ETH/USD prices would significantly gain when ETH 2.0 actually goes live. According to his inference, the region around the $438 price mark acts as a crucial resistance. Once the cryptocurrency covers this point, the path will be open for ETH to take $440 and price points beyond this mark.

This implies that a gigantic ETH rally is brewing and may lead it to outperform bitcoin again and this time for good.