Ethereum is gaining momentum, with its price action strengthening near a major resistance level that traders are watching closely. The sustained rally has been accompanied by a notable drop in large-holder balances and exchange reserves, evidence that more ETH is being locked away in staking, bridges, and smart contracts, potentially lowering immediate market supply.
Rising price targets and major resistance
ETH is currently trading at $2,310.70, supported by a daily trading volume of $29.26 billion and a market capitalization of $278.96 billion. The coin recorded a 1.77% increase over the last 24 hours, with its technical charts and onchain metrics signaling a possible bullish reversal.
Crypto Patel, a well-known cryptocurrency analyst, noted that Ethereum has rallied approximately 50% from the $1,500 accumulation zone, which he previously identified as a strong long-term entry point. As demand remains steady, market attention has shifted to the $4,700 resistance level, considered the next major threshold.
Momentum continues to build for Ethereum as it approaches the $4,700 resistance, where a strong breakout could open the path to even higher price targets under favorable market conditions.
Crypto Patel and other analysts see $4,700 as pivotal for ETH, with a conclusive breakout potentially triggering a bull run. Hypothetical targets mentioned include $10,000, $15,000, and eventually $20,000, though these remain subject to overall market trends and risk appetite.
Onchain trends and whale activity
Recent data from Santiment Intelligence indicates that the largest Ethereum wallets have continued reducing their holdings for three consecutive months. Whale balances collectively dropped by 1.7 million ETH during this period, now accounting for just 2.9% of total supply. Meanwhile, the share of wallets holding between 1 and 10 ETH has increased from 4.38% to 4.52%.
Santiment monitors Ethereum blockchain metrics and wallet flows, providing real-time data on investor behavior across the network.
Mini dictionary: Santiment Intelligence, a blockchain analytics firm that provides data and analytics on asset holders, wallets, and onchain trends, enabling traders to assess market sentiment and behavior.
Of the ETH withdrawn from large wallets, roughly 300,000 coins have moved to smaller wallets. Most of the remaining ETH has been transferred to staking services, bridges, exchanges, or smart contract addresses. Exchange reserves have also declined, dropping from about 7.07 million ETH to 6.54 million, signaling less ETH is available for immediate trade.
| Metric | Previous Level | Current Level |
|---|---|---|
| ETH whale balance | 4.6 million | 2.9% of supply |
| Wallets with 1-10 ETH | 4.38% | 4.52% |
| ETH on exchanges | 7.07 million | 6.54 million |
Next steps for ETH price movement
Ethereum’s next significant test lies at the $4,700 level. A decisive break above this resistance would likely reinforce bullish sentiment and pave the way for higher price targets. Conversely, if ETH fails to breach this barrier, analysts expect a phase of consolidation and possible selling pressure.
Ethereum remains at a pivotal point, where exchange reserves and whale holdings are declining, potentially supporting the case for a bullish breakout if demand increases.
As the circulating supply on exchanges contracts, market participants are monitoring ETH’s approach to $4,700 closely, with future price action expected to provide further direction for both traders and investors.
