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.
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.
