Since late August ETH has been stuck on repeat. It runs up 2 or 3 percent, hits around $4,500, then stalls out like clockwork. Today was another example of the same thing.
Is this just a clear resistance level everyone is selling into, or is there something bigger happening? Some people point to options pinning, others mention sell walls and thin liquidity above $4,500. ETF inflows may have cooled off, BTC dominance might be keeping ETH down, and perpetual funding resets could also be part of it. There is always the macro angle too with CPI and rate expectations keeping a lid on risk markets. On-chain flows from staking and L2 activity could also be adding steady supply.
If anyone here watches order books, open interest, or on-chain flows I would love to hear what you are seeing. And if you think ETH eventually breaks through this level, what would convince you first? Spot leading perps, a real volume spike, or ETF inflows picking back up?
Not trying to call a top or bottom, just curious why ETH keeps running into the same ceiling.
Posted by RudeAd9626
11 Comments
Every day above $4K is a good day.
Everyone waiting for the rate cut. We are just crab walking till October.
Typical behavior is consolidation and a retest before fireworks if they come.
After big moves ($1400 to 4k+) there needs to be a lot of consolidation if the rally is to be sustained.
Consolidation = new people with entries at $4k, unlikely to sell for less than 6-8k, etc.
You lost me at “since late August”. You realize that’s two weeks ago right
It means the biggest holders are cashing out. I don’t have a crystal ball, so this is just a guess based on the last time we were here… Prepare for another crash soon, unlikely to gain much more value this year.
Then again, if history is to be reliable, because I sold everything this time around, it’ll probably be at 8K in the coming months. Good luck.
It’s correlated to NASDAQ. 2x on the way up and 4x to 8x on the way down.
It was at $2.5k two months ago and $3.5k a month ago
Its september. Its usually a bad month. October November is where you put your hopes. And if it doesnt happen idk we may not get a rally at all
You dont really trade eth, no real price action.
Big money runs the show