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

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Bitcoin (BTC) is currently approaching $ 40,000 after seeing massive gains in the first seven days of 2021. This is a 100% increase over the previous all-time high in December 2017. In other words, the price level that Bitcoin took three years to reach almost doubled in just a few weeks.

ETH, BTC price gains, January 2021. Source: Digital Assets Data

Meanwhile, the price of Ether (ETH) has risen by more than 100% in three weeks. On January 13, 2018, however, the all-time high of around $ 1,420 has yet to be exceeded.

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Hence, the main question is whether altcoins will underperform, keep pace, or outperform BTC in the near future. Let’s look at the ETH price charts to get an idea of ​​where this “off-season” may lead in the near future.

Ether hits the second Fibonacci level for a potential spike

ETH / USD 3-day chart. Source: TradingView

The three day chart for Ether has shown a vertical rally over the past few weeks that has resulted in several key levels being hit. In this case, the Fibonacci expansion tool is helpful in determining the next potential spike.

Often this indicator is used to identify various top structures in pricing, but it can also be used to measure the likely strength of the next momentum move.

In this case, the most recent high of the momentum move was $ 470. The current low was USD 90 in March 2020. Based on this information, the Fibonacci level of 1.618 was $ 750 while the Fibonacci expansion of 2.618 was $ 1,150. The latter also merges with the all-time high region where Ether is currently located.

The next low brings $ 2,700 into play

ETH / USD 1 week chart. Source: TradingView

The weekly chart must be set to the logarithmic scale to perform this analysis. However, if the Ether chart hits its high in the near future (this could also be after a rally towards USD 1,500 and a new all-time high), the same Fibonacci expansion can be pulled over the recent momentum move.