Ethereum was trading at $3,988 at press time, down roughly 4% from the previous day. The cryptocurrency has fallen 13% over the past week, is down 10% for the month, and sits 19% below its all-time high of $4,946 set on August 24.
The price drop triggered more than $170 million in long liquidations. Despite the decline, trading activity showed resilience, with Ethereum’s daily volume rising to $35.2 billion—up more than 13% from the previous day—indicating an active market even amid the sell-off.
In derivatives markets, CoinGlass data shows ETH trading volume increased 11.64% to $86.9 billion, while open interest rose slightly by 1.01% to $57.7 billion. The combination of rising volume and a modest uptick in open interest points to short-term speculative activity, with traders hedging against potential downside volatility.
Spot ETH ETF Outflows Add Pressure
Regulated products also weighed on Ethereum’s price. According to SoSoValue, U.S. spot Ethereum ETFs saw a combined $79.4 million in net outflows on September 24, marking their third straight day of withdrawals.
Fidelity’s FETH led the redemptions with $33.3 million, followed by BlackRock’s ETHA at $26.5 million. Other issuers, including Grayscale, Ark 21Shares, and Bitwise, also reported significant outflows.
The withdrawals come amid a shifting macroeconomic backdrop. Following the Federal Reserve’s recent 25-basis-point rate cut to 4.00–4.25%, ETH briefly surged above $4,600 on September 19. However, the rally quickly faded as traders booked profits and assessed softer labor market data, echoing trends seen earlier this year when markets rallied ahead of policy changes before retracing.
Whales Step In
Amid the selling pressure, on-chain data indicates renewed interest from major investors. On September 25, Lookonchain reported that ten wallets, using exchanges and OTC desks such as Kraken, Galaxy Digital, BitGo, and FalconX, accumulated 210,452 ETH—worth roughly $862.9 million—within just six hours.
Such whale activity is often interpreted as a signal of long-term confidence and could pave the way for a short-term recovery if selling pressure subsides.
Ethereum Price Technical Outlook
Technically, Ethereum’s price structure has shifted to a more cautious stance. Attention is now on the lower support around $3,750 after the cryptocurrency fell below the Bollinger Bands’ midline at $4,408. Momentum indicators remain subdued, with the relative strength index (RSI) at 34.5, nearing oversold levels.
The 10-, 20-, and 50-day moving averages remain above Ethereum’s current price, acting as resistance, while the MACD shows a negative reading, reinforcing bearish momentum. The 200-day EMA at $3,392 provides a deeper support level if selling accelerates, with immediate support forming near the 100-day EMA at $3,850.
For Ethereum to regain a bullish trend, it would need to reclaim the $4,250–$4,400 zone. However, ongoing ETF outflows and soft macroeconomic conditions could push ETH toward $3,850 or even lower.
