Ethereum’s price has spent the past couple of days consolidating right under its all-time high level. With the volume descending and fundamentals improving, ETH is poised to attack the $2,000 level very soon
Fundamentals and past price performance
The second-largest cryptocurrency by market cap spent the week pushing towards the upside and creating a new all-time high of $1,839. While most called for a pullback, Ethereum is currently holding its value on descending volume. Analysts attribute this steady price action to the improving fundamentals and the expansion of the DeFi sector.
Ethereum’s overall outlook is bullish, and its price only confirms that. Taking a look at the weekly performance, ETH has posted gains of 7.78%, falling behind BTC’s 27.03% gain.
At the time of writing, Ether is trading for $1,778, which represents a 43.70% gain when compared to its previous month’s value. The second-largest cryptocurrency by market cap currently boasts a valuation of $203.73 billion.
ETH/USD daily chart price analysis
Taking a look at the daily chart, Ethereum’s price has been quite steady in the past four days, with the cryptocurrency even creating a new all-time high of $1,839 on Wednesday. The second-largest cryptocurrency by market cap looks like it still has a lot of upside potential, but that it is preparing for the next move.
Due to its descending volume, strong consolidation price level and fundamental overview, analysts call for an ETH push towards the $2,000 mark in the near future.
Ether will face a lot of resistance along the way, especially at the $2,000 mark, where we can see several sell walls. However, its downside is less protected, and a turn of events might bring the cryptocurrency all the way back to the $1,500 levels.
ETH/USD daily price chart. Source: TradingView
The technical overview shows Ethereum’s daily RSI chart hovering just under the overbought area for a month now. Its current value is 66.39.
ETH/USD hourly chart price analysis
Looking at the hourly time frame, we can see Ether’s steady movement near the all-time high level. While the volume descent is not very notable on the hourly chart, the daily chart’s volume metric shows us that ETH is preparing for the next move.
ETH/USD 1-hour chart. Source: TradingView
With price being so close to the all-time high level when consolidating, many are calling for a $2,000 push in the near term. However, we also have to consider the downside potential. Ethereum’s closest strong support level is currently the area around $1,740 and the 23.6% Fib retracement level of $1,574.