Ethereum (ETH) once came close to breaking through the $5,000 (approximately 69.5 million won) mark, but its recent surge appears to be faltering. After reaching an all-time high of $4,955 (approximately 68.89 million won) on August 24th, Ethereum has been trading sideways, fluctuating between $4,209 and $4,797 (approximately 58.66 million to 66.69 million won).
Ethereum is currently trading at $4,295 (approximately 59.71 million won), down 3.67% over the past 24 hours, despite expectations of a rate cut following weak U.S. employment data. Experts cautiously suggest that Ethereum may have already formed a local top, casting doubt on its potential for further upside.
Reflecting market anxiety, selling pressure is also strong in futures trading. Maartunn, an analyst at the on-chain analytics platform CryptoQuant, warned, "In the ETH futures market, sellers are holding positions worth over $570 million (approximately 792.3 billion won) more than buyers. This type of strong selling pressure has frequently occurred at major peaks in the past."
ETF flows are also working against Ethereum. On September 5th, Ethereum spot ETFs experienced a net outflow of $447 million (approximately 621.4 billion won), the second-largest single outflow in history. On the same day, Bitcoin (BTC) spot ETFs also experienced a net outflow of over $160 million (approximately 222.4 billion won), demonstrating weakening investor sentiment toward cryptocurrencies in general.
According to Glassnode data, institutional-focused traditional finance (TradFi) participants are primarily adopting a strategic approach, focusing on arbitrage and hedging rather than simple buying. Reflecting this, the significant increase in open interest on the CME exchange, coupled with the inflow of ETF funds, stands out.
Meanwhile, a participant in an early Ethereum ICO, who had been dormant for eight years, recently captured market attention by staking 150,000 ETH, worth approximately $656 million (approximately KRW 913 billion). The investor reportedly secured 300,000 ETH for just $93,300 (approximately KRW 129.63 million) during the original ICO.
While the prevailing market analysis suggests that Ethereum has entered a short-term correction, from a long-term perspective, diverse fund inflows and increased network activity could still be bullish factors. Whether buying momentum will resume will likely be determined by additional technical indicators and ETF supply and demand trends in the coming days.
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