Under pressure from exchange-traded fund outflows and macro headwinds, Ethereum fell below the $4,000 mark for the first time since early August.
Summary
- Ethereum price drops below $4K for first time since August.
- Spot ETH ETFs see $79.4M outflow for third straight day.
- Whales accumulate $862M in ETH, hinting at possible rebound.
Ethereum was trading at $3,988 at press time, down roughly 4% from the previous day. The asset has retreated 13% in the past week, is down 10% over the past month, and sits 19% below its all-time high of $4,946 set on Aug. 24.
The drop forced more than $170 million in long liquidations. Trading activity, however, showed signs of resilience. Ethereum’s (ETH) daily volume rose to $35.2 billion, up more than 13% from the previous day, pointing to an active market despite the price slide.
In derivatives markets, CoinGlass data shows ETH volume up 11.64% to $86.9 billion and open interest higher by 1.01% at $57.7 billion. A slight increase in open interest combined with rising volume indicates short-term speculative positioning, with traders hedging against downside volatility.
Spot ETH ETF outflows weigh in on price
Flows into regulated products added to the pressure. Data from SoSoValue shows that U.S. spot Ethereum ETFs recorded a combined $79.4 million in net outflows on Sept. 24, their third straight day of withdrawals.
Fidelity’s FETH led redemptions with $33.3 million, followed by BlackRock’s ETHA at $26.5 million. Other issuers, including Grayscale, Ark 21Shares, and Bitwise, also saw large outflows.
The withdrawals came against the backdrop of a shifting macro environment. Following the Federal Reserve’s recent 25 basis point rate cut to 4.00–4.25%, ETH briefly jumped above $4,600 on Sept. 19.
However, the rally waned as traders took profits and weighed softening labor market data. The move echoed patterns seen in 2024 when markets rallied ahead of policy shifts before retracing.
Ethereum whales are buying
On-chain data revealed a resurgence of interest from major investors amid the selling pressure. On a Sept. 25 post on X, Lookonchain revealed that ten wallets, using exchanges and over-the-counter desks such as Kraken, Galaxy Digital, BitGo, and FalconX, amassed 210,452 Ethereum worth $862.9 million in just six hours.
Many whales are accumulating $ETH!
In the past 6 hours, 10 wallets have received 210,452 $ETH($862.85M) from Kraken, Galaxy Digital OTC, BitGo, and FalconX. pic.twitter.com/JxQOBV9g7Y
— Lookonchain (@lookonchain) September 25, 2025
Such whale activity is often read as a sign of long-term conviction and can precede short-term recoveries if selling pressure eases.
Ethereum price technical analysis
From a technical standpoint, Ethereum’s structure has turned more cautious. The lower band around $3,750 is now in focus after the price broke below the Bollinger Bands’ midline at $4,408. Momentum indicators are still weak, with the relative strength index at 34.5, approaching oversold territory.
Ethereum daily chart. Credit: crypto.news
The 10-, 20-, and 50-day moving averages are all above the current price and act as resistance, while the MACD is negative, confirming bearish momentum. The 200-day EMA at $3,392 offers a deeper cushion in case selling picks up speed, while support is currently forming close to the 100-day EMA at $3,850.
For Ethereum to resume a bullish trajectory, it would need to recover the $4,250–$4,400 region. Sustained ETF outflows and weak macro sentiment may push ETH toward $3,850 or lower.
Read more: Ethereum’s next chapter? Buterin likens low-risk DeFi to Google search
