Ethereum price aims for $618 as close to 1.5 million are locked in Eth2 deposit contract

With around 1,498,753 Ethereum locked out of circulation, the bullish momentum of the digital asset continues soaring. It currently trades at $586 and aims for a potential price target of $618 in the short-term.

Ethereum price needs to defend a crucial support level to rebound higher

Ethereum has established an ascending triangle pattern on the 4-hour chart and climbed above the 50-SMA and most recently above the 100-SMA, which now act as support level. The digital asset has defended this last moving average several times in a row and looks ready for a rebound.

ETH/USD 4-hour chart

The next potential price target of a rebound would be the upper trendline resistance level of the pattern at $619. A breakout above this level would quickly push Ethereum price towards a high of $743.

ETH IOMAP chart

The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance above $600 which adds credence to the bullish outlook. However, the most vital support area between $550 and $567 needs to hold.

A breakdown below this significant range could quickly push Ethereum price towards the lower trendline level of the triangle pattern at $560. A further breakdown below this point would put Ethereum at a price target of $443.