Ethereum Price Forecast: ETH primed to retest $1,760 resistance with whales’ assistance

Ethereum price is stuck between two crucial levels as it failed to break out of the ascending parallel channel.
ETH bulls could emerge victorious as IOMAP shows a massive cluster of investors ranging from $1,700 to $1,600.
Increasing whale activity suggests that a retest of the channel could be possible.

Ethereum price rallied approximately 15% between February 8 and 10. However, a failure to close above the ascending parallel channel has resulted in a pullback into the consolidation pattern.

Ethereum price prepares to resume the bull rally

Ethereum price suffered a 6.5% drop on Tuesday’s session, which temporarily paused its upward momentum. Now, ETH trades between two crucial levels, ranging from $1,760 and $1,700. A close above the $1,760 level could cause FOMO among retail investors, which indicates an end to the consolidation channel. Hence, the resulting buying pressure could propel the coin by 10% to $2,050.

ETH/USDT 12-hour chart

Adding credence to the bullish scenario is IntoTheBlock’s In/Out of the Money Around Price model. This on-chain metric shows that the support for ETH ranges between $1,700 to $1,600, where roughly 800,000 addresses have purchased a whopping 13 million ETH. However, the resistance at $1,760 has about 195 addresses holding only 1.5 million ETH.

Consequently, a bounce from this support range seems inevitable.

Ethereum IOMAP chart

Adding credence to this bullish outlook is Santiment’s holders distribution chart, which shows a steady increase of 2.6% in the number of whales holding between 100,000 to 1 million ETH from February 6 to 11. Whales holding 1 million to 10 million ETH has risen from 8 to 9, a 12.5% increase, suggesting that whales are confident in Ethereum’s upswing potential.

Ethereum Holders Distribution chart

On the flip side, a sudden market crash pushing the price below $1,600 could prove fatal to the smart contracts token. This could put many investors underwater, triggering a cascading sell-off that could push ETH as low as $1,500.

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