Technical chartists extended their Ethereum price target beyond $400 as the blockchain inched towards a major protocol upgrade.
The ETH/USD exchange rate surged to its multiweek high near $378 last week amid a broader crypto market rebound. The new capital came following hopes of the second US stimulus package, a deal that remains stuck on Capitol Hill for months – and whose execution raises the bullish prospects of the cryptocurrency industry, as seen through the first stimulus aid between March and July earlier this year.
Nonetheless, Ethereum grew substantially higher than the rest of the top crypto brass, including Bitcoin. ETH/USD rallied exponentially because of Ethereum’s increasing utility in the emerging decentralized finance and stablecoin space.
The project’s plans to upgrade from proof-of-work to proof-of-stake protocol kept its bullish bias intact for the long-term.
The developers of “Ethereum 2.0” launched a new bug bounty program on Friday last week, with its project lead Danny Ryan tweeting: