- 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.
%20[18.15.07,%2002%20Feb,%202021]-637478829577162877.png)
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.
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