The Ethereum 2.0 deposit contract has more than 12,055,858 million ETH. That amount is worth a staggering $34.391 billion which translates to about 10% of Ethereum‘s total circulating supply of 120,576,553 ETH. The progress of Ethereum deposits to this contract since November 2021 has been captured by graphs and data that showcase a list of top ETH 2.0 depositing addresses.
This amount in Ether will continue to be unavailable to the depositors until the merge happens. The progress of Ethereum deposits to the ETH 2.0 deposit address and the top addresses doing so. For now, Ethereum continues to be affected by a crypto-wide pullback at its current price below $2,900.
Kraken Is A Top Depositor To The ETH 2.0 Address
The list indicates that the top Ethereum depositing address belongs to Lido Finance, Huobi, and the crypto exchange of Kraken, Staked.us, and Bitcoin Suisse. The list of the top depositing addresses indicates that the crypto exchange of Kraken remains amongst the top depositors to the address.
That fact was also highlighted in December 2021 when staking on the contract had just started. To note is that the 12 million Ethereum now in the ETH 2.0 deposit contract will not be available till some little bit later after the Merge is complete.
The latter was at first estimated to happen in June and will then switch Ethereum’s proof-of-work algorithm to proof-of-stake, which is considered to be more environmentally friendly. Nevertheless, the Merge has now been extended with no defined launch date as Ethereum developers iron out all the final details.
Ether Price Affected By Market-Wide Pullback
About the price, Ethereum is now trading below $3,000 once more as a result of Bitcoin plunging below the critical $40,000 support level. At the time of publication, Ethereum is trading at $2,870 and below the 50-day moving average (white) and is striving to turn the 100-day moving average (yellow) as support.
However, the general trend remains quite bearish as its price is still below the 200-day MA (green).
Nevertheless, Ethereum’s daily MFI, RSI, and MACD are currently in the oversold zone, hinting at a possible bounce in the coming week that doubles up as the start of a new month.