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  • Ethereum price defended a crucial support level on the daily chart and aims for a new all-time high.
  • ETH whales have continued to accumulate the coin despite the sell-off on January 11.

Ethereum price managed to hit $1,348 on January 10 before a crypto market sell-off that took the digital asset down to $915. However, bulls bought the dip aggressively and pushed ETH to $1218 currently.

Ethereum price faces very low resistance towards $1,440. 

On the daily chart, the most critical support level throughout the bull run has been the 26-EMA. On January 11, bulls defended this level at $915 yet again and bought the dip pushing ETH back above $1,200 within the next three days.

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ETH/USD daily chart

Besides the bulls buying the dip, whales also continued to buy more Ethereum despite the sell-off. The number of large holders with 100,000 to 1,000,000 coins ($120,000,000 to $1,200,000,000) increased by nine since January 1. This indicates that whales are accumulating Ethereum expecting it to rise even higher in the near future.

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ETH Holders Distribution

Additionally, the Eth2 deposit contract has just reached a total value of $3 billion and over 2.5 million ETH locked inside, adding even more buying pressure to the digital asset. 

eth price

ETH IOMAP chart

The In/Out of the Money Around Price (IOMAP) chart showed only one significant resistance area located between $1,131 and $1,164 and practically no hurdles until $1,300 which means Ethereum price will most likely hit this target.