Ethereum’s next target is $500, according to BitMEX co-founder and CEO Arthur Hayes. He expressed his amazement about ETH’s surge to $400, calling for the continuation of the rally.
On Sunday, Ether hit the highest level in two years, breaking above $400 for the first time since August 2018. Ethereum has benefited from the general bullishness of the cryptocurrency market, but it’s not only that.
The second-largest cryptocurrency is at the forefront of the DeFi (decentralized finance) frenzy, as most DeFi tokens that have experienced astronomical gains are ERC-20 tokens.
Besides this, Ethereum leverages its own fundamentals the Ethereum 2.0 Medalla testnet is expected to launch Tuesday.