Ethereum (ETH) has once again climbed above the psychological level of $1,600 as the crypto market rebounds. At the time of writing, ETH was trading up 4.34% at $1,637. Cumulatively, 24.9 million ETH are held on exchanges, while 55% of the total ETH holdings are held on Coinbase and Binance. Nansen gives a breakdown of the top 5 ETH balances: 8.72 million ETH are held on Coinbase. Binance crypto exchange retains a holding of 4.94 million ETH. According to a chart provided by the blockchain analytics platform, 35% of Ethereum balances on exchanges are held on Coinbase Exchange, while those held on Binance accounted for 20%. Together, both exchanges account for 55% of the Ethereum balances held on exchanges. Ethereum engineers recently revealed that they had made significant advancements toward the network’s expected Shanghai update, which is scheduled for around March. Stakeholders will be able to withdraw their ETH and accrued rewards after the Shanghai update.
Key Levels
Resistance Levels: $2,300, $2,000, $1,700
Support Levels: $1,500, $1,300, $1,000
ETH/USD Daily ChartEthereum (ETH) surged to a daily high of $1,661 today, marking another attempt to break higher to the $1,700 level. After resolving its bearish limitation on January 14, ETH/USD had a price breakout from a month-long consolidation bout and extended its higher run. The tremendous surge has kept the relative strength index (RSI) near overbought territory.
If the market confirms overbought conditions, a minor retreat is not out of the question shortly. This, however, may present a buy-the-dip opportunity. In the event of a pullback ahead of the important $1,700 and $1,600 levels, the $1,500 level might provide quick support to the ETH price. If the bulls continue to push higher in the terrain, they may target the $1,700 level.
ETH/USD 4-Hour ChartOn the 4-hour chart, the ETH/USD pair is positive. The upside horizontal barrier is yet to be broken, and the ETH price is rising. A break over the $1,700 resistance should signal a continued rise toward the $2,000 level. Otherwise, if the price retraces to the psychological level of $1,500, we may witness another push to the downside, weakening the current trend.
If the price continues to rise, the $1,700 level may serve as strong resistance. However, only a break below the moving average (MA 50) at $1,602 would give bears greater momentum to target the $1,500 level. Overall, ETH is still on the rise, aided by good fundamentals. A retreat may produce a consolidation pattern before the continuation of the trend.
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