The crypto market is gearing up for a new price rally, and the second-largest cryptocurrency by market cap, Ethereum (ETH) is so far setting the pace for other digital currencies.
In the wake of the crypto custody approval for the United States federally chartered banks, the prices of the majority of cryptocurrencies have seen a slight increase, led by Ethereum (ETH) that just surpassed $260 resistance level.
Ethereum (ETH) Sets the Pace
Ethereum (ETH) has been up and running over the past few hours. The digital currency remains the best performer among the top 10 cryptocurrencies, including Bitcoin (BTC), and the digital tokens that have been showcasing big moves over the past few weeks.
Bitcoin (BTC) has also managed a price uptrend. It recently broke above $9,500 resistance level after a 1.65% upward trend. However, Ethereum has notably outperformed the king of coins. At the time of filing this report, ETH is trading at $263.24, with about 7.81% price uptrend in the last 24 hours.
Predictions Related To This Recent Upsurge
There were positive predictions prior to this recent price upsurge experienced by Ethereum (ETH). But the most notable one came on 21st July, from a famous macro investor, Raoul Pal, via his official Twitter handle. Back then, ETH was trading far below $250 price level.
In the tweet, Raoul Pal asserted that the cryptocurrency is on the verge to experience a huge price rally, captioning a chart to support his claim.
He tweeted, “Ethereum looking very close to breaking out on the back of the Alts rally.”
— Raoul Pal (@RaoulGMI) July 21, 2020
There is a possibility for the digital token to continue its price rally, considering the prediction from a cryptocurrency analyst famously known as Crypto Michael.
In his prediction, he stated that ETH is poised to surge beyond $500 resistance level. So, ETH may not stop at this present price level, as many crypto pundits believe that the bull market is here.
CZ Binance Displays Interest in Ethereum (ETH)
The CEO of Binance, Changpeng Zhao, popularly known as CZ displayed his interest in Ethereum (ETH) during a conversation on the Altcoin Daily YouTube channel. In the course of the lengthy discussion, he pointed out that he has strong support for Ethereum.
CZ Binance noted:
“So, I don’t really have a strong private preference (for cryptocurrencies), they change all over time. I do support the sort of top coins a bit more; I support Ethereum strongly as well.”
Speaking on why he supports Ethereum, he said that the network supports a lot of innovations in the cryptocurrency ecosystem with its smart contracts.