Ethereum Breaks Above $210 Amid Mind-blowing Crypto Rally; $250 Incoming?

Ethereum And XRP Prepare To Soar As Bitcoin's Dominance Plummets Further

A few days ago, ETH plunged to $188. This correction seemingly gave the bulls a soft launchpad for a strong move above $210. Notably, this is the first time ethereum is trading above $200 since September last year. As a result, analysts are bullish on ethereum reaching greater heights.

ETH Breaches $210

Besides the massive growth seen in Ethereum’s DeFi, ETH price has also been on fire lately. ETH has gained over 62% so far in 2020 and recently smashed past $200 which had served as a formidable barrier.

Ethereum Breaks Above $210 Amid Mind-blowing Crypto Rally; $250 Incoming?
Ethereum Chart By Coinmarketcap

Huge capital inflow catalyzed a market-wide crypto rally with ethereum even soaring to a multi-month high at $214. At press time, however, the crypto asset has slightly corrected and is changing hands at $212.95, representing a 7.96 percent gain on an adjusted 24-hour timeframe.

Galaxy Digital CEO Mike Novogratz, recently noted that ether holding above $200 for a couple of days will give the bulls the necessary ammunition to make “a bigger move�.

According to Novogratz, bitcoin has established itself as a great store of value, but all other cryptocurrencies like ETH and XRP are in the “proving phase�. He further said that these cryptos are “venture bets and will only have lasting value if they become a product that is useful�.

In ethereum’s case Novogratz noted:

“ETH might be the trust level people build on. If it does, it’s a great bet.�

Where Is ETH Heading Next?

This year is especially bullish for ethereum because the network will be transitioning to the much-anticipated Phase 0 of Ethereum 2.0. This new protocol will introduce the Proof-of-Stake (PoS) consensus algorithm, further bolstering trust in the blockchain. Lead developers on the ethereum network recently revealed that Phase 0 is tentatively scheduled for July 30.

Meanwhile, the bulls seem poised to push the price towards the next level of resistance at $220. Breaking this level could send traders into FOMO, making $250 the next target for the bulls.

On a more optimistic note, analyst Crypto Michael believes ETH could go as high as $500-800 in this new bullish phase.

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