- Ethereum price defended a crucial support level on the daily chart and aims for a new all-time high.
- ETH whales have continued to accumulate the coin despite the sell-off on January 11.
Ethereum price managed to hit $1,348 on January 10 before a crypto market sell-off that took the digital asset down to $915. However, bulls bought the dip aggressively and pushed ETH to $1218 currently.
Ethereum price faces very low resistance towards $1,440.
On the daily chart, the most critical support level throughout the bull run has been the 26-EMA. On January 11, bulls defended this level at $915 yet again and bought the dip pushing ETH back above $1,200 within the next three days.
ETH/USD daily chart
Besides the bulls buying the dip, whales also continued to buy more Ethereum despite the sell-off. The number of large holders with 100,000 to 1,000,000 coins ($120,000,000 to $1,200,000,000) increased by nine since January 1. This indicates that whales are accumulating Ethereum expecting it to rise even higher in the near future.
%20[20.04.17,%2014%20Jan,%202021]-637462481742487398.png)
ETH Holders Distribution
Additionally, the Eth2 deposit contract has just reached a total value of $3 billion and over 2.5 million ETH locked inside, adding even more buying pressure to the digital asset.
ETH IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart showed only one significant resistance area located between $1,131 and $1,164 and practically no hurdles until $1,300 which means Ethereum price will most likely hit this target.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
Cardano price targets $2 ahead of protocol upgrade
Cardano price consolidating in a pennant continuation pattern. Musing About the Roadmap shares that IOHK Global will focus on its business in Africa. If you want to be part of something big, there is no better choice than Cardano.
Dogecoin price needs to overcome the $0.068 resistance for a trip to the moon
Dogecoin price pattern has evolved into a larger ascending triangle since March but has failed to overcome $0.0675, the 50% retracement level of the February decline, on a daily closing basis. It could just be a matter of time as support builds just below at $0.0636.
VeChain price has been a frontrunner, but may be due for a consolidation
VeChain price has gained 545% from the cup-with-handle breakout in late December, but it is now at record or near-record overbought levels on multiple time frames and hitting key short-term Fibonacci levels.
Litecoin prints new yearly high while bulls push further
Litecoin price successfully broke out from a symmetrical triangle pattern on April 5 with a 9.5% gain. It printed a new rally high today at $262.98, just short of the 61.8% Fibonacci retracement of the 2017-2018 bear market at $268.06. The bullish LTC thesis sees higher levels moving forward.
Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move
Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.