The price value of the world’s second-largest cryptocurrency Ethereum (ETH) has reached its two-year high. Ether price has surged high to $395. Ethereum’s native cryptocurrency has surged by over 75% within the time frame of the past two weeks as it rose from the bearish $222 mark to hit $395.
Currently, ETH’s price is strongly holding its position in the bullish territory and it seems that the second top digital currency will continue its bullish trajectory upward in the coming days.
Rally after rally: Ethereum price is blowing
The past two weeks have been really amazing for Ethereum as the coin has shown outshining performance in the cryptocurrency market by posting a rally after rally during this time. Firstly, Ethereum put an end to its consolidation phase by breaking through its past resistance at $250.
After that, Ether (ETH) registered another price rally recently when it made its previous 2020 high by crossing above the $300 figure.
Now Ethereum has once again dominated the altcoin market by hitting its two-year high. As ETH price has claimed the $395 mark, it means it is the new yearly high for the coin as well. Ethereum’s price value is still up 13.36% and is trading at $395.78 USD at the time of writing.
Factors show Ethereum may further go higher
There are three factors that show that the second-ranked digital currency may go further higher in the coming days. These three factors are ETH 2.0, DeFi growth, and this current potential rally of the coin in the market.
Ethereum’s ETH 2.0 is one of the major factors that has boosted the price rally of Ether. Ethereum is all set to roll out ETH 2.0 in August. The venture capital Spartan Black Kelvin Koh said that ETH 2.0’s every single phase will catalyze Ethereum. Koh asserted:
“Every phase of ETH 2.0 over the next 2-3 years brings Ethereum closer to its final state and will be catalysts for ETH.”
Apart from this, the growth in the decentralized finance (DeFi) market is also behind this rapid price surge of Ethereum. These factors are expected to push the price value of ETH further high in the near future.