Ethereum's bullish outlook is strengthening as momentum builds toward a key resistance zone, where a breakout could open the door to further upside. At the same time, whale holdings and exchange balances are both declining — a shift that suggests more ETH may be moving into staking, bridges, and smart contracts, reducing the supply of readily tradable coins.

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, according to CoinMarketCap. Following a 1.77% gain over the last 24 hours, ETH's price structure and on-chain growth point toward a bullish reversal ahead. Even so, the asset remains well below its all-time high of roughly $4,878, set in November 2021.

Ethereum Price Eyes $10,000 After 50% Rally

According to 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. That area was identified as a strong long-term buying opportunity, and sustained demand there has helped Ethereum recover significantly.

Attention is now turning toward $4,700 — roughly double current levels — a critical resistance level that could determine the next major move. The level carries added weight because it sits just below Ethereum's November 2021 all-time high of about $4,878, so a convincing move through it would bring the asset back to the vicinity of its previous record peak. Ethereum's overall bullish pattern would be bolstered by a convincing breakout above $4,700, which could lead to a strong bull run. Should the bulls gain further momentum, the analyst expects ETH to head toward $10,000, then $15,000, and ultimately $20,000 — although this scenario depends on favorable conditions prevailing in the market.

Ethereum Whales Reduce Holdings Amid Supply Shift

Data from Santiment Intelligence shows that three months after their balances were first cut down, Ethereum's top wallets continue to reduce their holdings. The combined balance of these wallets has fallen by 1.7 million ETH, a 2.9% decline.

Meanwhile, the number of wallets holding 1–10 ETH has increased to 4.52%, up from 4.38%, pointing to an ongoing shift in how ETH supply is distributed across wallet sizes.

Notably, only around 300,000 ETH of the displaced coins can be tracked to smaller wallets, meaning the remaining balance must be held somewhere in staking, bridges, exchanges, or smart contract wallets. Staking in particular has grown into a major destination for ETH since Ethereum completed its transition to proof-of-stake with the Merge in September 2022 — coins deposited with validators secure the network and earn rewards — and the Shanghai/Capella upgrade in April 2023 enabled staked-ETH withdrawals, so such balances are tracked on-chain rather than permanently locked. Balances on exchange wallets have also come down, from approximately 7.07 million to 6.54 million ETH, and exchange balances are widely followed as a gauge of the most readily sellable ETH, which is why a steady drawdown is often read as supply moving into longer-term custody or on-chain use.

What Happens Next for Ethereum?

ETH is currently poised for its next critical level: a decisive breakout above $4,700, which would strengthen the bulls' position and put the $10,000 target price in focus. Ongoing reductions in the number of tokens held on exchanges could support the tightening supply story, and the trajectory of exchange reserves alongside the share of supply locked in staking and smart contracts are the on-chain metrics analysts watch for confirmation of that thesis. However, a rejection at the resistance level could instead set the stage for consolidation and selling pressure.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.