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ETH Ethereum's momentum strengthens and prices approach key resistance level
Ethereum is accumulating momentum and its price trend continues to strengthen near a major resistance level that traders are closely watching. With this round of continued gains, large holdings and exchange reserves have dropped significantly, indicating that more ETH is being locked in pledges, cross-chain bridges and smart contracts, which may reduce the immediate supply of the market.
Target price shift and key resistance
Ethereum's current trading price is US$2,310.70, daily trading volume reaches US$29.26 billion, and market value is US$278.96 billion. The token has risen 1.77% in the past 24 hours, with its technical charts and on-chain indicators showing potential reversal signals.
Well-known cryptocurrency analyst Crypto Patel pointed out that Ethereum has gained about 50% from the US$1,500 accumulation range he previously identified as a strong long-term entry point. As demand remains stable, market attention has turned to the $4,700 resistance level, which is seen as the next key level.
Ethereum momentum continues to increase and is approaching the US$4,700 resistance level. If a strong breakthrough is achieved under favorable market conditions, it may open the way for higher target prices. Crypto Patel and other analysts believe that $4,700 is crucial for Ethereum and could trigger a bull market if a breakthrough is confirmed. Hypothetical price targets include $10,000,$15,000, and ultimately $20,000, but these still depend on overall market trends and risk appetite.
Chain trends and whale dynamics
The latest data from Sanitation Intelligence shows that the largest Ethereum wallet has reduced its holdings for three consecutive months. During this period, total whale holdings decreased by 1.7 million ETH and currently account for only 2.9% of total supply. At the same time, the proportion of wallets holding 1 to 10 ETH items increased from 4.38% to 4.52%.
(Note: Sanitation Intelligence is a blockchain analytics company that provides data and analysis on asset holders, wallets and on-chain trends to help traders assess market sentiment and behavior.)
About 300,000 ETH withdrawn from large wallets were transferred to smaller wallets. Most of the remaining ETH has been transferred to pledge services, cross-chain bridges, exchanges or smart contract addresses. Exchange reserves also dropped from approximately 7.07 million ETH to 6.54 million, indicating a decrease in the amount of ETH available for instant trading.
Comparison of key indicators:
Ethereum whale holdings: Previously 4.6 million, now accounting for 2.9% of total supply
Proportion of wallets holding 1-10 ETH: Previously 4.38%, now 4.52%
Exchange ETH reserves: Previously, it was 7.07 million units, but now it is 6.54 million units.
Next step in the price of Ethereum
The next important test for Ethereum is at US$4,700. A decisive break through this resistance level is likely to strengthen bullish sentiment and pave the way for a higher price target. Conversely, if Ethereum fails to break through this barrier, analysts are expected to enter a consolidation phase and may face selling pressure.
Ethereum is at a critical juncture, with exchange reserves and whale holdings continuing to decline. If demand increases, this may provide support for a bullish breakthrough. As liquidity supply contracts at the exchange level, market participants are closely watching Ethereum's approach to US$4,700, and future price movements are expected to provide further guidance to traders and investors.
