Ethereum may be close to a major price move. On-chain data from CryptoQuant shows that ETH reserves on exchanges are falling, a trend that points to growing long-term holding.
Meanwhile, analysts are watching whether demand will increase, with some projecting a rally toward $10,000.
Notably, SWIFT’s test on Ethereum has added weight to the project’s current market outlook.
Ethereum Exchange Reserves Point to Investor Confidence
CryptoQuant has released a new view on the Ethereum price outlook. The firm disclosed that ETH reserves on spot exchanges have been dropping in recent weeks.
This means that more coins are leaving exchanges and moving into personal wallets or staking platforms.
There are a few reasons this can happen. Some investors move old holdings into self‑custody.
Others buy new ETH and then take it off exchanges. In rare cases, an exchange may create a new wallet, which can look like a withdrawal on‑chain until it is labelled.
CryptoQuant named the second reason as the main case. In this scenario, investors are buying ETH and then transferring it for long‑term holding.
This reduces the amount of ETH available for sale on exchanges. Lower reserves can prepare the ground for higher prices later if demand grows.
Past examples give some insight. At one point, network congestion and high gas fees were followed by new demand, and ETH price rallied.
Another period came during the FTX crisis, when many holders withdrew coins from exchanges. Later, better macroeconomic data pushed ETH upward.
In the present case, exchange reserves are again falling while the price is steady. This suggests that buyers are active, but sellers are still matching them.
According to CryptoQuant, the missing part is a stronger demand. If global conditions improve, such as lower interest rates or slower tightening, ETH could benefit.
Analysts Debate Ethereum Price Path Toward $10,000
It is worth noting that the second‑largest digital asset, Ethereum, has already gained sharply since its last market low.
Analyst Ted Pillows pointed out that ETH rallied about 250% from its bottom. He said that a correction was expected, but also believed that it may end soon.
Notably, he said that after this short‑term pullback, ETH price could rise again. His view is that the rally may extend above $10,000 once demand returns.
While this target is not certain, it shows that some market watchers remain positive on Ethereum’s future.
Another metric followed by traders is the realized price of large investors, often called whales.
When ETH falls below this level, many see it as a chance to accumulate. CryptoQuant mentioned that past drops under this mark led to successful buying opportunities.
This view links back to the larger theme. Falling reserves suggest supply is being held back. If demand comes in stronger, prices could break higher.
The level of $10,000 remains speculative, but the setup shows that many are preparing for long‑term growth. As of writing, the Ethereum price was trading at $4,176.84.
SWIFT Test Builds Case for Ethereum Adoption and Price Gain
Outside the exchange data, adoption news has added another angle. Reports said that SWIFT, the global payments messaging network, has started testing Ethereum’s Linea, a Layer‑2 network.
SWIFT connects more than 11,000 banks and moves over $150 trillion each year.
Major banks such as BNP Paribas and BNY Mellon were involved in the pilot. The test focused on using Linea for on‑chain messaging and settlement.
This shows that banks are exploring Ethereum technology for real‑world use.
If this type of project expands, it would strengthen Ethereum’s role in the broader financial system.
This could also help create more demand for ETH over time. Combined with lower exchange reserves, adoption stories like this add to the picture of long‑term interest in the asset.