Ethereum (ETH) rose above $4,500 on Sept. 12, trading at $4,518 at press time, marking a 2.5% gain over the past 24 hours. The second-largest cryptocurrency remains just 8.6% below its all-time high of $4,946, reached on Aug. 24. While ETH has gained 4.4% over the past week, it has still declined 2.8% over the past month.
In the last 24 hours, Ethereum’s trading volume reached $36.38 billion, a slight decrease of 0.3%. Data from Coinglass shows derivatives volume rising 5.7% to $97.32 billion, while open interest increased 2.64% to $61.72 billion, reflecting renewed activity in the futures market.
ETH Accumulation Builds Around $4,300–$4,400
According to CryptoQuant contributor Crazzyblockk, buyers have been steadily accumulating ETH in the $4,300–$4,400 range, with nearly 1.7 million ETH added to long-term wallets. Binance played a key role in this accumulation phase, handling the largest outflows.
Deposits to Binance began near $3,150, but the average cost basis for withdrawals is roughly $4,300, indicating that long-term holders are repositioning their assets as new demand emerges.
Institutions Drive Futures Demand
CryptoQuant contributor PelinayPA highlighted that open interest in CME Ethereum futures has surged to all-time highs, particularly for short-term contracts with 1–3 month maturities, though longer-dated contracts are also expanding.
She compared the current structure to previous Ethereum cycles: low open interest during the 2021–2022 bull run, a sharp decline during the 2022 bear market, followed by steady recovery from 2023 onward.
High institutional participation is evident in today’s market, with elevated open interest supporting upward momentum but also increasing the potential for sharper corrections at contract expiries. PelinayPA added that if leverage unwinds gradually, ETH could test resistance near $6,800 by year-end.
Ethereum Price Technical Analysis
ETH’s price action remains constructive. The cryptocurrency is trading above its 20-day moving average near $4,406, while the upper Bollinger Band at $4,654 is acting as resistance. The relative strength index (RSI) sits at 58, signaling steady demand without approaching overbought conditions.
Momentum has shifted to the upside, but mixed signals from oscillators and the MACD suggest short-term pullbacks remain possible. Should ETH sustain a breakout above $4,654, traders could aim for the $4,900–$5,000 range. Conversely, a failure to hold above $4,158 could leave ETH exposed to a drop toward $4,000.
