Ethereum (ETH) is on the uptrend again today and has broken through the $250 threshold. The cryptocurrency is now trading at $252, after gaining 6.4% in the last day during a global, crypto market rally.

Today's bullish momentum extends more than two months of unrelenting growth for the cryptocurrency, which was trading at less than $100 at its lowest point this year. Ethereum is now up more than 166% from its 2020 low and has seen one of the most drastic recoveries of any major cryptocurrency in recent months.

Ethereum has been racking up strong gains against Bitcoin in recent weeks. (Image: TradingView)

Scaling further back, Ethereum is now up 25% for the week and 20% for the month, compared to 14.3% and 13.8% respectively for Bitcoin (BTC) during this same period. The cryptocurrency has now been gaining against Bitcoin since mid-May, climbing from 0.021 BTC/ETH at this time, up to 0.025 BTC/ETH today—equivalent to a 19% improvement in under three weeks.

This growth comes following news that the much-anticipated Ethereum 2.0 upgrade is still on track to go live in July. The new upgrade will see Ethereum transition to a hybrid consensus system formed of a mix between its current proof-of-work (PoW) algorithm and a new proof-of-stake (PoS) algorithm. It will also introduce much-needed efficiency improvements, potentially helping Ethereum overcome its rampant bloat issues.

The new upgrade will also add staking rewards for Ethereum holders, which according to a recent analysis by Collin Myers, head of global product strategy at ConsenSys, will allow validator nodes to earn around 4.6% to 10.3% per year in rewards. But rival project Cardano is likely to get there first—and its price is outperforming Ethereum's.

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