Ethereum price on the verge of a 25% breakout as selling pressure diminishes

The interest in Ethereum seems to be stronger than ever as more users continue locking up their ETH coins inside the Eth2 deposit contract. The smart-contracts giant seems to be on the verge of a massive bullish move aiming for $1,000.

Ethereum price aims for $1,000 as bulls remain strong

Ethereum has formed what seems to be a potential bull flag on the 12-hour chart. The past two candlesticks have established long lower wicks which indicates the bulls are buying the dips.

ETH/USD 12-hour chart

The Eth2 deposit contract holds 2.12 million ETH coins which are worth close to $1.6 billion at current prices. Additionally, the number of whales holding between 10,000 and 100,0000 coins has spiked again by eight in the past 24 hours and has been in an uptrend since October. 

ETH Holders Distribution chart

On top of that, the number of coins inside exchanges has continued to decline since October and hit a low of 22.6% for the first time since May 2019. These on-chain metrics give credence to the bullish outlook, not only in the short-term but also long-term. 

ETH supply on exchanges chart

The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance ahead, well until $820 and above. On the other hand, there seems to be significant support below in comparison.

ETH IOMAP chart

However, it’s important to note that the entire cryptocurrency market is heavily volatile and Bitcoin could be on the verge of a massive correction that could drag Ethereum down with it, which is basically the only bearish outlook for now.