Ethereum price aims for $618 as close to 1.5 million are locked in Eth2 deposit contract
|- Ethereum price remains bounded inside an ascending triangle pattern on the 4-hour chart.
- Almost 1.5 million ETH have been locked in the Eth2 deposit contract.
With around 1,498,753 Ethereum locked out of circulation, the bullish momentum of the digital asset continues soaring. It currently trades at $586 and aims for a potential price target of $618 in the short-term.
Ethereum price needs to defend a crucial support level to rebound higher
Ethereum has established an ascending triangle pattern on the 4-hour chart and climbed above the 50-SMA and most recently above the 100-SMA, which now act as support level. The digital asset has defended this last moving average several times in a row and looks ready for a rebound.
ETH/USD 4-hour chart
The next potential price target of a rebound would be the upper trendline resistance level of the pattern at $619. A breakout above this level would quickly push Ethereum price towards a high of $743.
ETH IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance above $600 which adds credence to the bullish outlook. However, the most vital support area between $550 and $567 needs to hold.
A breakdown below this significant range could quickly push Ethereum price towards the lower trendline level of the triangle pattern at $560. A further breakdown below this point would put Ethereum at a price target of $443.
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.