Key Takeaways
Why did Ethereum’s price stall near $4.5k?
ETH faced rejection at $4,763, dropped to $4,499, with Perpetual demand fading and Exchange Netflows showing 13.9k inflows.
What do metrics reveal about Ethereum’s outlook?
Funding Rates held positive at 0.011, but weak Spot Volume under 1M suggests ETH could consolidate between $4.47k and $4.6k.
On the 13th of September, Ethereum [ETH] attempted a breakout but faced rejection at $4,763. Since then, the altcoin declined consecutively, recording a low of $4,469 on the 15th of September 2025.
At press time, ETH was at $4,499, reflecting a 0.7% daily decline, according to CoinMarketCap.
Amid this market slowdown, leverage investors scaled back aggressively.
Ethereum perpetual demand fades
According to CryptoQuant analyst Arab Chain, Ethereum experienced a sharp decline in the imbalance between Spot and Perpetual volume.
Source: CryptoQuant
Over the past two weeks, the Z-Score fluctuated between 0.0 and -1.0. This indicated that Perpetual contracts lost dominance in trading volume, likely driven by an increased number of speculators exiting.
Therefore, there’s growing caution in the market, with appetite for leverage positions reducing.
Funding Rates still positive
Despite falling Perpetual activity, Ethereum’s Funding Rates stayed positive for 30 days. At press time, Funding Rate stood at 0.011, its five-day-high.
When this metric is positive, it means that traders still lean bullish, but fewer investors are actively opening new positions.
Source: CryptoQuant
This left the market vulnerable to a potential long squeeze, as there were few participants to sustain the long side.
Spot inflows pressure ETH
Unsurprisingly, just like perpetuals, Ethereum’s Spot market showed little strength.
According to CryptoQuant, Spot Volume stayed under the 500k–1M range, far below levels seen in June and July.
In fact, it was mainly dominated by sellers, with little to no demand. As such, Ethereum recorded positive Exchange Netflows for four consecutive days.
Source: CryptoQuant
At press time, Exchange Netflow was 13.9K, indicating higher inflows, a clear sign of aggressive Spot selling. Therefore, the lack of a strong imbalance between Spot and Perpetual suggested potential stagnation in the ETH price.
Stagnation or dip for ETH?
AMBCrypto’s analysis showed reduced demand across both Spot and Derivatives. Without stronger flows, the Ethereum price may face prolonged consolidation.
If leverage keeps shrinking while spot inflows stay high, ETH could remain capped between $4.47K and $4.6K in the near term.
