• Ethereum price established a new 2020-high at $635 but got quickly rejected.
  • There seems to be a robust resistance area around $610 preventing the digital asset from climbing higher.

Ethereum has experienced a significant rally in the past several weeks thanks to the upcoming Eth2 update. On top of that, Visa has just recently announced the support of USDC payments, which will work on the Ethereum network. Unfortunately, the smart-contracts giant continues facing a vital resistance level at $610.

Can Ethereum price finally crack the last resistance barrier before $1,000?

It seems that whales have been steadily buying ETH coins since mid-November going from 967 to 1,008 currently. This significant increase in large investors shows they are highly interested in Ethereum despite its price increasing.

eth price

ETH Holders Distribution chart

On the daily chart, Ethereum price briefly rose above the former 2020-high at $623 hitting $635.7 but got quickly rejected dropping to $560. The area around $610 is the strongest resistance point. A breakout above this level can quickly drive Ethereum price to new highs, potentially at $1,000.

eth price

ETH/USD daily chart

The In/Out of the Money Around Price chart (IOMAP) seems to show a similar picture as it indicates there is a strong resistance area between $592 and $609 where 2.16 million ETH were purchased by 847,320 addresses. 

eth price

ETH IOMAP chart

Above this area, there is practically no more opposition in comparison to the support below, which adds credence to the $1,000 potential price target for Ethereum. However, ETH is facing other bearish indicators.

eth price

ETH/USD weekly chart

On the weekly chart, the TD Sequential indicator has presented a sell signal which has proven to be exceptionally reliable in the past. Validation of this call would drive Ethereum price to the support level at $488.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Ripple risks extending losses despite Ripple-SEC motion to release escrowed $125 million

Ripple risks extending losses despite Ripple-SEC motion to release escrowed $125 million

XRP comes under immense pressure, falling toward $2.09 as Israel and Iran escalate conflict. Ripple and the SEC file a joint motion requesting the release of $125 million held in escrow.

Crypto Today: Bitcoin, Ethereum, XRP clamber for support amid escalating volatility on Israel-Iran tensions

Crypto Today: Bitcoin, Ethereum, XRP clamber for support amid escalating volatility on Israel-Iran tensions

The cryptocurrency market has been hit by a sudden wave of extreme volatility, triggering widespread declines as global markets react to tensions between Israel and Iran.

Sui Price Forecast: Sui eyes triangle fallout below $3 as Open Interest, TVL plunge

Sui Price Forecast: Sui eyes triangle fallout below $3 as Open Interest, TVL plunge

Sui (SUI) edges lower by over 5% at press time on Friday, concurrent with the broader crypto market crash due to the escalation of the conflict between Israel and Iran.

Bitcoin eyes a drop toward $100,000 amid cautious sentiment as Middle East tensions escalate

Bitcoin eyes a drop toward $100,000 amid cautious sentiment as Middle East tensions escalate

Bitcoin price edges below $105,000 on Friday after falling 4% over the last two days. Market sentiment sours as conflict in the Middle East escalates, with over $1.15 billion in liquidation across crypto markets.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP