- 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.
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.
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