ETH encountered resistance at $4,763, subsequently falling to $4,499, as Perpetual demand waned and Exchange Netflows indicated 13.9k inflows. Funding Rates remained positive at 0.011, yet the weak Spot Volume below 1M indicates that ETH may consolidate within the range of $4.47k to $4.6k. On September 13th, Ethereum made an attempt to break out but encountered rejection at $4,763. Following that period, the altcoin experienced a steady decline, hitting a low of $4,469 on September 15, 2025. As of the latest update, ETH is priced at $4,499, showing a 0.7% decrease in the past 24 hours.
In the wake of this market slowdown, leveraged investors have significantly reduced their positions. Analyst reports that Ethereum has seen a significant drop in the disparity between Spot and Perpetual volume. In the last fortnight, the Z-Score experienced variations ranging from 0.0 to -1.0. This suggests that Perpetual contracts have seen a decline in trading volume dominance, probably due to a growing number of speculators withdrawing from the market. Consequently, the market is exhibiting increasing caution, leading to a diminished appetite for leveraged positions. In the face of declining Perpetual activity, Ethereum’s Funding Rates maintained a positive trajectory for 30 consecutive days. At press time, the Funding Rate was recorded at 0.011, marking its highest point in five days.
A positive reading on this metric indicates that traders maintain a bullish sentiment, yet there is a noticeable decline in the number of investors actively initiating new positions. The market found itself exposed to the risk of a long squeeze, given the limited number of participants willing to support the long positions. As expected, similar to perpetuals, Ethereum’s Spot market exhibited minimal strength. Reports says that Spot Volume remained below the 500k–1M range, significantly lower than the levels observed in June and July. In fact, it was primarily characterized by sellers, with minimal to nonexistent demand. In this context, Ethereum has seen positive Exchange Netflows for four straight days. At press time, Exchange Netflow stood at 13.9K, reflecting increased inflows, which signals a notable trend of aggressive Spot selling.
The absence of a significant imbalance between Spot and Perpetual indicates a possible stagnation in the ETH price. An analysis indicated a decline in demand in both the Spot and Derivatives markets. In the absence of stronger inflows, Ethereum’s price could experience an extended period of consolidation. Should leverage continue to decline while spot inflows remain robust, ETH may find itself constrained within the range of $4.47K to $4.6K in the short term.