Ethereum (ETH) 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 USD Coin (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 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.
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.
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