The major Ethereum support area is $1,800 but weaker than Bitcoin‘s — analyst

The price of Ether (ETH) is hovering near its all-time high once again, while Bitcoin (BTC) is still far from surpassing its record high at $60,805.

But despite ETH demonstrating strong technical momentum and entering price discovery, on-chain analysis finds that its support is "narrower" than Bitcoin.

Simply put, ETH faces a bigger risk of seeing a deeper pullback than Bitcoin in the foreseeable future, if the market turns around.

Atop the favorable technical market structure, according to Glassnode, the hash rate of the Ethereum blockchain network has hit a new all-time high.

#Ethereum $ETH Hash Rate just reached an ATH of 590,461,849,267,220

Previous ATH of 557,592,098,540,542 was observed on 08 April 2021

View metric:https://t.co/tgtxegUqBJ pic.twitter.com/nRBBhw5DaY

— glassnode alerts (@glassnodealerts) April 9, 2021

Hence, both fundamentals and price technicals suggest that the momentum of ETH price has a good chance of sustainability in the near term.