- Ethereum price seems to be contained inside an ascending triangle pattern.
- A clear breakout could impulse the digital asset to new all-time highs above $1,440.
Ethereum outperformed Bitcoin this past weekend and remains trading above $1,200. The digital asset seems to be contained inside an ascending triangle pattern on the 4-hour chart and could see a breakout in the near term.
Ethereum price faces only one critical resistance level before new all-time high
On the 4-hour chart, Ethereum has established an ascending triangle pattern that is on the verge of bursting. There is a significant resistance level formed at $1,290, which is the top trendline of the pattern.
ETH/USD 4-hour chart
A breakout above this crucial resistance point could quickly push Ethereum price towards a high of $1,700. Additionally, the SuperTrend index also suggests that ETH faces a significant resistance level at $1,290.
ETH/USD 4-hour chart
It’s important to note that despite Ethereum price rising higher, large investors are not taking profits just yet. The number of whales holding at least 1,000,000 ETH coins has increased since January 6. Similarly, the number of large investors holding between 100,000 and 1,000,000 coins has also been in an uptrend since December 30, 2020.
ETH Holders Distribution
ETH IOMAP chart
The IOMAP model also indicates that Ethereum is currently sitting on top of a robust support area between $1,142 and $1,178. Failing to hold this range of support would be a significantly bearish indicator and would invalidate the bullish outlook.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.