Ethereum Price Poised to Break Key Resistance Zone

Ethereum's (ETH) price is building momentum as it approaches a key resistance zone of $4,700. If it breaks through this level, analysts expect a surge in price towards $10,000.

According to Crypto Patel, Ethereum has gained around 50% from the previously identified $1,500 accumulation zone, reinforcing its bullish outlook. The area was seen as a strong long-term buying opportunity, and sustained demand has helped Ethereum recover significantly.

The reduction in exchange balances is also contributing to the supply shift, with only around 300,000 ETH out of all displaced coins being tracked to smaller wallets. This suggests that more ETH may be moving into staking, bridges, and smart contracts, reducing readily tradable supply.