Ethereum (ETH) joined the Bitcoin-led rally, hitting the highest point since 2018. Now, the Ethereum price is over $600 and this crypto was up by 31.7% in the weekly time frame.

The second-largest cryptocurrency after Bitcoin, jumped 7 per cent to its highest point since June 2018 on Monday.

In recent days, ETH price has been surging above $580 which could be because of the much-awaited release of Ethereum 2.0 driving this current rally. The Foundation had released an update on November 4th that the Ethereum 2.0 Phase was set for an official launch at some time around December 1st this year. The update went on to state that the deposit contract was live at the time and could collect funds to trigger staking, reported AMB crypto.

According to the update, prospective stakers will be able to deposit 32 ETH validator deposits, a week before 1 December, to the contract to proceed with the launch. However, Eth2 will be live on mainnet when the number of ETH staked in the deposit contract hits 524,288.

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