KEY POINTS ETH reaches the $200 level

Ethereum needs to close above a downward sloping trendline for it to kick off a rally that could boost prices to $850

Traders also expect Bitcoin to break a key level on a weekly chart to spark a bull run

Bitcoin took off to record a new high at $9,700, a price that it hasn't visited since October last year, on Wednesday. Similarly, the leading altcoin was also trading positively and had finally gotten over the $200 hump and trades at $209 as of writing.

Both the top two cryptos have had gains in the past month and will look to conclude the week on a positive note based on its current bullish momentum. Ethereum was last seen at its present price in September 2019 and for four months traded under the $200 ceiling, which is why crossing above it carries a lot of weight.

Popular trader Galaxy was on point in predicting that ETH would be above $200 by February and that this month would also be the "take-off" period for an Ethereum parabolic run that could catapult ETH to $850. Galaxy tweeted a weekly log chart of ETH/USDT on Jan. 21, and it shows that ETH needs to break a downward sloping trendline for it to kick off the rally.

When Galaxy posted the tweet, ETH was still a few notches below it, but it's now facing pressure from sellers around that price area. Galaxy tweeted again on Wednesday, but this time called the attention to the ETH/USD chart and commenting, "If $ETH breaks the green line it's showtime."

Another crypto analyst Crypto Rand has the same sentiment for ETH and deems that breaking the $200 level will be a catalyst for a massive bull run. Crypto Rand tweeted, "If ETH breaks $200 expect a moonshot."

The immediate resistance for Ethereum in Crypto Rand's chart can be found at $230.

On the Bitcoin side of things, a key price level is also being eyed by traders. Like Galaxy's chart, analyst Filb Filb is also looking at weekly prices and monitors a close above $9,500 for BTC to get on with a price acceleration past $10,000. Filb Filb targets $11,500 for Bitcoin.

Key fundamental drivers are expected to buoy the prices even more, and yes, that includes the halving in May. The expectations for the top two cryptos are undoubtedly sky high, and it's as high as the projected prices.