• 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

ETH IOMAP chart

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.


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

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP