- Ethereum price just hit $1,500 flat on Binance for the first time ever.
- The digital asset was trading inside a tight range between $1,450 and $1,400 before a significant 5% breakout.
- Ethereum bulls aim to push the smart-contracts giant towards $2,000 as there is not a lot of resistance ahead.
Ethereum price was trading sideways in the past several hours between $1,400 and $1,450 before finally breaking out with a lot of trading volume behind the move.
Ethereum price aims for $2,000 as fundamentals strengthen
The Eth2 deposit contract holds 2.9 million Ethereum coins which are locked and worth over $4.3 billion at current prices. This metric indicates that investors are still willing to lock their ETH despite the digital asset hitting new all-time highs.
ETH/USD daily chart
Ethereum price is in discovery mode which means it faces no 'real' resistance ahead. Utilizing the Fibonacci tool, we can determine several potential price targets in the future. The first is located at $1,755 which is the 127% Fib level. The next and most important is $2,000 which is the 168% level and a psychological point.
ETH coin supply on exchanges chart
Additionally, the number of Ethereum inside exchanges continued to drop since the beginning of 2021. On January 1, around 22.7% of the circulating supply of ETH was held by exchanges, this number has dropped to 20.4% currently.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.