ETH price nears $600 as proposed genesis date for Eth2's Phase 0 approaches

The price of ether (ETH), the native cryptocurrency of the Ethereum network, is up more than 10% in the past twenty-four hours.

ETH is trading hands at roughly $597 on Coinbase as of the time of writing, a day-over-day increase of just over 11%. According to data published by TradingView, the day's high on Coinbase is $598.99.

The price development comes as the contract deposit address for Eth2's Phase 0 launch — which will usher in the first leg of a multi-stage process — continues to accrue funds. AS shown in the chart below, the address has seen a notable uptick in deposits since November 20.

As previously reported, that address needs to accrue 524,288 ETH for the launch to occur on the earliest possible date, December 1. According to EtherScan, 322,912 ETH — an amount worth roughly $191.5 million — has been deposited as of the time of writing.