Ethereum is approaching $ 250 after a massive rise

Ethereum reported good profits over the weekend.

Altcoin entered the weekend with moderate gains during the week.

A break of the $ 210 – $ 215 range led the currency to a parabolic rise. Ethereum almost made it to $ 250, retreating after touching $ 244, according to coinmarketcap .

The token has been in the accumulation phase for several weeks now, with network activity reaching record levels.

After breaking over the weekend, Ethereum cemented itself as the largest altcoin. In second place is XRP with a market capitalization of about $ 9 billion, while ETH reports almost three times higher capitalization – almost $ 27 billion.

The bulls may also aim to push the price up to $ 250 within the next few hours. We have already seen a slight retreat after Etherium reached $ 244, so this rise could extend beyond $ 250.

If there is still a retreat, the $ 230 level must be protected in order for the currency to remain on an upward trend. 

Given the positive developments, such as the upcoming release of Etherium 2.0 , a break of $ 250 seems more likely than a drop below $ 230. Most analysts are convinced that ETH will break at this key level ($ 250) to target to $ 300 in the next few weeks.