It now continues to look bullish after confirming a breakout, with an upside price target emerging at the $181 level of resistance.
Several analysts have claimed that the hike in price is due to the upcoming network upgrade that will be released in July.
The Ethereum 2.0 upgrade, often dubbed as Serenity, will implement a new security model under proof-of-stake (PoS) while also promising more efficient transactions.
Bitcoin also rallied overnight, surging to above $7,400 to form a three-week high as it takes aim at the daily 200 moving average at $8,088.
The rise in price has been reflected across all major capital markets with S&P500 futures suggesting that the US stock market index will see a 7.5% hike later today.
But it has been Ethereum that has stolen the headlines with the highest percentage gain of all. It now needs to continue trading above $158 in order to avoid a fake out as it sets its sights on the psychological level of $200.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
More Ethereum news and information
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