Ethereum Price Forecast: ETH aims for a quick run-up to $1,900 if vital support holds

  • Ethereum price has been trading inside an ascending wedge pattern since the beginning of 2021.
  • It seems that bulls have once again defended a key support level and aim for a rebound.
  • The amount of Ethereum coins locked away from exchanges continues to rise.

Ethereum hit a new all-time high at $1,871 on February 13 and after a brief correction, it looks ready for another leg up as long as ETH bulls can hold a key support level. It seems that large investors have continued to accumulate even more Ethereum despite the new all-time highs.

Ethereum price is ready for a jump towards $1,900

On the 12-hour chart, Ethereum has been trading inside an ascending wedge pattern since the beginning of 2021. On February 15, ETH defended the lower boundary of the pattern again and is now trying to rebound from the 26-EMA support level. 

eth price

ETH/USD 12-hour chart

A close above the 26-EMA can quickly push Ethereum price towards the upper boundary of the channel again at $1,900, keeping in mind that a breakout above the upper trendline would drive Ethereum price towards a high of $2,800. 

The Eth2 deposit contract now holds 3.1 million Ethereum worth around $5.44 billion at the time of writing. Additionally, there are 7.68 million Ethereum locked inside different DeFi protocols which means that 10.78 million ETH are locked away from exchanges, worth over $18.7 billion. This represents about 10% of the circulating supply of Ethereum.

 eth price

ETH Holders Distribution chart

Additionally, since the beginning of 2021, the number of large holders has increased significantly for Ethereum. The amount of whales with at least 1,000,000 coins and 10,000,000 at most ($1,700,000,000 and $17,000,000,000) has increased two. Similarly, holders with 100,000 - 1,000,000 ETH also went into a buying spree from 152 on December 31, 2020, to 159 currently. 

 eth price


The In/Out of the Money Around Price chart shows one critical resistance area between $1,780 and $1,793. Climbing above this range will give a lot of credence to the bullish outlook. However, the IOMAP also shows weak support on the way down.

Losing the 26-EMA support level on the 12-hour chart can quickly result in a drop towards the lower boundary of the ascending wedge at $1,660.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano plan for new all-time high is clear

Cardano has established a new all-time high of $1.55 on April 14 and bulls aim for more now. The digital asset had a significant breakout from a key pattern but still faces a significant resistance barrier ahead, according to on-chain metrics.

More Cardano News

Enjin Coin on track for 20% gains

Enjin Coin price is trading around the middle line of an ascending parallel channel. A bounce from the demand zone ranging from $2.92 to $2.46 signals a continuation of the upswing to $3.59. If ENJ slices through the supply barrier at $3.59, an additional 10% upswing will push it to $3.98.

More Enjin Coin News

VeChain shows mixed signals amid market weakness

VeChain just recently formed a new all-time high of $0.189 on April 15 after a massive rally in April. The digital asset had a brief consolidation period in the last 24 hours but could be aiming for the next leg up soon. 

More VeChain News

Binance on verge of 25% upswing

Binance Coin price has been outperforming the entire market for the past two months, reaching a market capitalization of $90 billion. Many analysts believe BNB could even overtake Ethereum, which stands at a $280 billion market cap. 

More Binance Coin News


Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast