Ethereum (ETH-USD) Price Struggles at $4,300 as Whales Accumulate Billions
Ethereum (ETH-USD) is locked in a decisive battle around the $4,300 zone, a level that has become the focal point for bulls and bears alike. Over the past week, ETH has traded sideways, oscillating between $4,260 and $4,380, unable to break convincingly higher despite broader crypto momentum led by Bitcoin (BTC-USD). On September 5, ETH briefly touched $4,470 before sellers pushed the price back under $4,300. The most recent rejection at $4,387 confirmed the short-term ceiling, leaving the token consolidating with neutral momentum signals.
ETH-USD Technical Barriers at $4,380 and $4,420
Charts show a defined resistance cluster between $4,340 and $4,385, aligned with a bearish trendline and the 76.4% Fibonacci retracement from the $4,387 swing high to $4,268 low. A close above $4,385 would be technically significant, opening the path toward $4,420 and potentially $4,500–$4,550. Conversely, failure to break higher risks another retest of $4,220 support, followed by deeper levels at $4,160 and $4,120. The RSI sits around 46 on the daily frame, reflecting indecision, while the MACD still leans bearish. Spot volumes have collapsed to $2.6 billion from $18.5 billion in late August, an 85% decline, underlining weak conviction from traders.
Ethereum Whale Accumulation Signals Supply Squeeze
Despite rangebound action, whale wallets have aggressively accumulated. Nearly 4 million ETH, worth close to $17 billion, were scooped up in just five days, lifting whale holdings from 95.7M to 99.6M ETH. At the same time, exchange supply ratio fell to 0.145, the lowest in a year, down from 0.156 in August. This indicates fewer coins available for immediate sale, amplifying the impact of large-scale buying. Historically, similar shifts in exchange balances have preceded strong rallies, with shrinking supply creating conditions for breakout moves if demand accelerates.
Macro Pressures Weigh on ETH Demand
Ethereum’s muted action partly reflects broader risk sentiment. Rising bond yields and cautious institutional flows have kept crypto allocations tight. Spot Ethereum ETFs saw $1.04 billion in net outflows across six consecutive trading days, underscoring cooling institutional appetite. With U.S. inflation data and Fed policy shifts in focus, traders remain hesitant to position heavily in ETH. At the same time, DeFi activity remains sluggish, with total value locked falling under $40 billion, and staked ETH growth slowing compared to earlier in the year.
ETH-USD Faces Bearish Scenarios Toward $3,500
Several analysts warn of downside risks if ETH loses its $4,200 support zone. A daily close under $4,210 could invite a drop toward $3,745, and some traders eye liquidity pools around $3,600–$3,800 as magnets before any sustained rebound. Cointelegraph analysis suggested ETH could revisit $3,500 before resuming an uptrend. Social sentiment confirms the pressure: keywords like “selling” and “bearish” surged since late August, after ETH’s all-time high of $4,950, with traders increasingly calling for a correction.
