Ethereum Price Eyes $10,000 as Resistance at $4,700 Looms

Ethereum's price has been steadily increasing, and Crypto Patel is highlighting a significant recovery of around 50% from the $1,500 area.

The ETH balance on exchanges has decreased from 7.07 million to 6.54 million, indicating a reduction in supply. Additionally, there has been a decline of approximately 1.7 million ETH in large wallets, which could be related to staking and smart contract activities.

As Ethereum approaches the $4,700 resistance level, some analysts believe that breaking through this barrier could lead to a target of $10,000. This prediction is based on the current upward momentum and the reduction in supply.