Since the start of the year, Ethereum has been moving steadily upwards, sometimes violently, to form a steep vertical channel. And yesterday’s sharp gains saw a breach of the key $200 level.As such, analysts expect this to be a massive turning point for the number two cryptocurrency, which up until the start of the year, was in a 6-month slump of descending price.But having flipped the trend, expectations for further gains are intensifying. And certainly, goings-on within the Ethereum ecosystem lends support to that idea. Ethereum Daily Chart. (Source: tradingview.com)Ethereum Cracks Key $200 LevelCurrently, Ethereum is up 4% trading at $218. A somewhat moderate gain following the spectacular achievements of the past two days.Nonetheless, this is mirroring the present market sentiment, which has cooled off following a crazy period of explosive gains for many. Today, from the top 20, only Tron and Chainlink are posting double-digit gains.All the same, price action from this week has left ETH bulls ecstatic. And having crossing above the psychological $200 level, the expectations of significant long term gains are high.At the start of Ethereum’s parabolic spike on Wednesday, analyst Josh Rager posted his opinion on ETH, suggesting that it could be a great long term buy.“We’ll look back in two years and talk about how sub-$200 $ETH was a gift.”