Warp speed to $2,000? Watch these levels as Ethereum nears all-time high

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Bitcoin (BTC) is at present approaching $40,000 after seeing huge good points within the first seven days of 2021. This can be a 100% transfer up from the earlier all-time excessive in December 2017. In different phrases, the value ranges it took Bitcoin three years to recoup have now almost doubled in a matter of weeks.

ETH, BTC value good points, January 2021. Supply: Digital Property Information 

In the meantime, the value of Ether (ETH) has surged by greater than 100% in three weeks. Nonetheless, it has but to interrupt its all-time excessive of roughly $1,420 set on Jan. 13, 2018.

Subsequently, the first query is whether or not altcoins will underperform, maintain tempo or outperform BTC within the close to time period. Let us take a look at the ETH value charts to get an thought the place this “alt season” can go within the close to time period. 

Ether reaches second Fibonacci stage for a possible high

ETH/USD 3-day chart. Supply: TradingView

The three-day chart for Ether is displaying a vertical rally in current weeks, which has resulted in a number of key ranges being hit. On this case, the Fibonacci extension software is beneficial in figuring out the subsequent potential high.

Often, this indicator is used to find out completely different high buildings in value discovery, however it can be used to gauge the doubtless energy of the subsequent impulse transfer.

On this case, the current excessive of the impulse transfer was at $470. The present low was at $90 in March 2020. Based mostly on that data, the 1.618 Fibonacci stage was discovered at $750, whereas the two.618 Fibonacci extension was at $1,150. The latter additionally confluences with the all-time excessive area, which Ether is at present in.

The subsequent larger low places $2,700 in play

ETH/USD 1-week chart. Supply: TradingView

The weekly chart needs to be placed on the logarithmic scale to make this evaluation. Nonetheless, if the Ether chart tops out within the close to future — this is also after a rally towards $1,500 and a brand new all-time excessive — the identical Fibonacci extension will be drawn over the current impulse transfer.