• Ethereum price seems to be contained inside an ascending triangle pattern.
  • A clear breakout could impulse the digital asset to new all-time highs above $1,440. 

Ethereum outperformed Bitcoin this past weekend and remains trading above $1,200. The digital asset seems to be contained inside an ascending triangle pattern on the 4-hour chart and could see a breakout in the near term. 

Ethereum price faces only one critical resistance level before new all-time high

On the 4-hour chart, Ethereum has established an ascending triangle pattern that is on the verge of bursting. There is a significant resistance level formed at $1,290, which is the top trendline of the pattern.

eth price

ETH/USD 4-hour chart

A breakout above this crucial resistance point could quickly push Ethereum price towards a high of $1,700. Additionally, the SuperTrend index also suggests that ETH faces a significant resistance level at $1,290. 

eth price

ETH/USD 4-hour chart 

It’s important to note that despite Ethereum price rising higher, large investors are not taking profits just yet. The number of whales holding at least 1,000,000 ETH coins has increased since January 6. Similarly, the number of large investors holding between 100,000 and 1,000,000 coins has also been in an uptrend since December 30, 2020. 

eth price

ETH Holders Distribution

The IOMAP chart shows only one significant resistance area between $1,215 and $1,239, which gives credence to the bullish outlook as it indicates the $1,290 level, shouldn’t be hard to break. 

eth price

ETH IOMAP chart

The IOMAP model also indicates that Ethereum is currently sitting on top of a robust support area between $1,142 and $1,178. Failing to hold this range of support would be a significantly bearish indicator and would invalidate the bullish outlook. 


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

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

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