The price of\u00a0Ethereum\u00a0surged over 11%, breaking the $ 700 resistance zone against the US Dollar. The second highest cryptocurrency by market cap is trading above $ 700 for the first time since May 2018.\r\n\r\nAccording to successful analyst\u00a0Aayush Jindal,\u00a0Ethereum\u00a0(ETH) price could rise to $ 750 and $ 765 by consolidating gains. Meantime, Messari\u2019s researcher\u00a0Ryan Watkins\u00a0predicted that institutional investors will buy\u00a0ETH\u00a0in 2021. After\u00a0Bitcoin\u00a0(BTC),\u00a0Ether (ETH)\u00a0could also become the center of institutional investors\u2019 attention.\r\nEther Trades Above $700 for the First Time Since 2018\r\nEthereum (ETH)\u00a0started to show upward performance as the spike in\u00a0Bitcoin\u00a0stopped. Yesterday, Bitcoin broke records one after another. The leading cryptocurrency renewed its\u00a0ATH, surpassing the $28,000 mark. After the news of\u00a0Donald Trump\u00a0signing the $ 900 billion support package in the late hours, it rose to $27,339 from its daily low of $26,444. The leading cryptocurrency is currently trading around $27,141.\r\n\r\nToday, positive news came from\u00a0Ethereum.\u00a0Ether\u00a0has passed $700 for the first time since 2018. The currency rose significantly above the $650 and $680 resistance levels. With the increase, the market value of\u00a0ETH\u00a0exceeded $ 80 billion and reached $ 83 billion. The price of ETH is currently trading above $ 700 and the 100 hourly simple moving average. There is a major bullish trend line formed with support around $ 655. According to\u00a0Aayush Jindal, the\u00a0ETH\/USD\u00a0pair may continue its rise towards the\u00a0$ 750 and $ 765\u00a0resistance levels. A clear break above the $ 720 resistance will likely open the doors for more bullishness. The next major resistance is near the $ 750 level where Ether can test $ 765.\r\n\r\n\r\n\u201cWe Begin Seeing Institutions Buy $ETH\u201d\r\nWhile ETH is showing strong price action, researcher\u00a0Ryan Watkins\u00a0of cryptocurrency research and analysis firm\u00a0Messari\u00a0claimed that institutional companies will start buying ETH in 2021.\r\n\r\n2021 prediction:\r\nIn 2021 we begin seeing institutions buy $ETH\r\n\r\nOnce you accept that Bitcoin may be valuable, it opens your mind to the possibility that other cryptoassets may also be valuable.\r\n\r\nIt\u2019s a much easier jump from $BTC to $ETH from there.\r\n\r\n\u2014 Ryan Watkins (@RyanWatkins_) December 27, 2020\r\n\r\n\r\nAccording to\u00a0Watkins, the\u00a0Chicago Mercantile Exchange (CME), the world\u2019s largest futures and options exchange, would not have launched an ETH product if there wasn\u2019t any demand for it.