What to know:
- Ethereum price has gained around 50% from the $1,500 accumulation zone, strengthening the bullish market structure.
- A decisive ETH breakout above $4,700 could open the door toward $10,000, with longer-term targets of $15,000 and $20,000.
- Ethereum whale wallets holding more than 1,000 ETH have reduced their holdings by approximately 1.7 million ETH since May.
Ethereum’s bullish outlook is strengthening as momentum builds toward a key resistance zone, with a breakout potentially supporting further upside. Meanwhile, whale holdings and exchange balances are declining, suggesting more ETH may be moving into staking, bridges, and smart contracts, reducing readily tradable supply.
At the time of writing, ETH is trading at $2,310.70 with a 24-hour trading volume of $29.26 billion and a market capitalization of $278.96 billion. Following the 1.77% gain over the last 24 hours, the ETH price structure and onchain growth point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Ethereum Short Position Reaches $85M as ETH Tests $1,900
Ethereum Price Eyes $10,000 After 50% Rally
According to the crypto analyst Crypto Patel, Ethereum (ETH) has climbed roughly 50% from the previously highlighted $1,500 accumulation zone, reinforcing the bullish outlook around the asset.
The area was identified as a strong long-term buying opportunity, while sustained demand has helped Ethereum recover significantly. Attention is now turning toward $4,700, a critical resistance level that could determine the next major move.
Source: Crypto Patel’s X Post
Ethereum’s overall bullish pattern will get bolstered once it manages to break out convincingly above the level of $4,700, and this could lead to a strong bull run.
In case the bulls gain more momentum, the analysts may expect ETH to head towards $10,000, then $15,000 and ultimately towards $20,000. This is, however, dependent on favorable conditions prevailing in the market.
Ethereum Whales Reduce Holdings Amid Supply Shift
The data from Santiment Intelligence further highlighted that three months after having their balance cut down, Ethereum’s top wallets still continue to reduce their balances.
The reduction in the balance of these wallets has gone down by 1.7 million ETH to 2.9%. However, there is an increase in the number of wallets having 1-10 ETH to 4.52%, as compared to 4.38%.
Source: Santiment Intelligence’s X Post
On the other hand, only around 300,000 ETH out of all the displaced coins can be tracked to smaller wallets, which means that the balance of the leftover coins must be held somewhere in staking, bridges, exchanges, or smart contract wallets.
The balance on exchange wallets is also reduced from approximately 7.07 million to 6.54 million ETH.
What Happens Next for Ethereum?
ETH is currently poised for its next critical level in terms of decisively breaking out above $4,700 to increase the bulls’ strength and aim for the $10,000 target price.
The ongoing reductions in the number of tokens held on exchanges might boost the supply story. But a rejection of the resistance might set the stage for consolidation and selling pressure.
Also Read: Ethereum Price Shows Bullish Setup as ETH Tests Key $1,932 Resistance
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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