Ethereum Price Prediction: ETH aims for $2,000 as more than 10 million coins are locked

  • Ethereum price has hit a new all-time high at $1,695 across all exchanges.
  • The total number of Ethereum coins locked away has hit 10.33 million representing $16.8 billion. 
  • However, investors are concerned due to the high gas fees on DeFi protocols.

Ethereum is the most used and popular smart-contracts platform in the cryptocurrency market. On February 4, the digital asset hit a price of $1,695 reaching a market capitalization of over $187 billion for the first time ever.

Ethereum price eying up $2,000 but could see a pullback first

One of the main driving forces behind Ethereum’s current run is all the locked coins inside different DeFi protocols and the Eth2 deposit contract. In total, around 10.33 million ETH are locked away which are worth over $16.8 billion at current prices. 

eth price

ETH Holders Distribution chart

Surprisingly, the number of whales holding between 10,000 and 100,000 ETH ($16,000,000 and $160,000,000) increased by 11 in the past 24 hours despite Ethereum price hitting new all-time highs, which indicates large holders are extremely interested in the digital asset and believe it will climb higher.

eth price

ETH Network Growth

Additionally, despite being the second most popular Blockchain in the world, the number of new addresses joining Ethereum exploded by 40% in the past week and the number of active addresses also increased by 25%. This is a strong indication that the bull rally has a lot of strength behind it.

eth price

ETH/USD daily chart

Ethereum price already hit the 127.2% Fibonacci level on the daily chart at $1,650. The next most important level is $2,000 which is the 161.8% level and a strong psychological level.

eth price

ETH/USD 9-hour chart

However, many Ethereum investors are worried about Ethereum fees which have hit astronomical numbers. Normal ETH transactions can cost up to $15 but interacting with DeFi protocols can cost as much as $150 per transaction. Considering that Ethereum’s price depends on the success of the protocols built on top of it, this is certainly not good for the digital asset. 

On the 9-hour chart, the TD Sequential indicator has presented a sell signal. If validated, Ethereum price could fall towards the 50-SMA located at $1,360.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano partners with Chainlink to drive smart contract development for DeFi applications

Cardano recently announced a strategic partnership with decentralized blockchain oracle network Chainlink. The third-generation blockchain is preparing to build smart contracts for decentralized finance (DeFi) applications.

More Cardano news

Huobi to stop servicing Chinese users as China vows strict crackdown on crypto

A few months after the cryptocurrency mining ban in China, the country issued another update last week, reiterating that digital assets are banned and crypto exchanges are prohibited. Shortly after the announcement was revealed, Bitcoin and altcoins plunged.

More Cryptocurrencies news

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance.

More Polkadot News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast