Ethereum approached the $5,000 mark in late August, but the rally stopped short, hitting an all-time high of $4,955 on August 24th.
Since this date, Ethereum has fluctuated between $4,209 and $4,797 with prices not reaching $5,000.
At the time of writing, ETH fell 3.67% to $4,295 in the last 24 hours, reaching $4,295, as the crypto market fell, following a decline in response to US employment growth that sparked hopes for interest rate cuts in September.
As the market awaits the next major move, analysts hint at signs that Ethereum may have formed the local top.
ETH futures under pressure🧨
The volume of the nettaker is very distorted. Sellers have bids at $570 million more than buyers.
Historically, this level of aggressive sales have appeared near the local top. pic.twitter.com/4yqqztircj
-market (@je_mismun) September 6, 2025
ETH futures are under pressure, according to Maartunn, a community analyst at Cryptoquant. This is a severely distorted volume of the nettaker, with sellers placing bids at $570 million more than buyers. Maartunn added that historically, this level of aggressive sales have appeared near the local top.
See Ethereum ETF Outflow
On September 5th, the Ethereum Spot ETF saw a total net flow of $447 million, reversing the trend of major monthly inflows, the second-largest history. The Bitcoin Spot ETF recorded a total net flow of $160 million, but 12 ETFs do not list net inflows.
According to GlassNode, more than 50% of the Ethereum ETF influx is consistent with the growing open interest in CMEs, suggesting that TradFi activity may be purely undirected. This could suggest a blend of full exposure and arbitrage strategies as ETH is trading below local highs.
In recent news, Ethereum ICO participants have bet 150,000 ETH, worth $656 million after eight years of dormant. Participants received 300,000 ETH for $93,300 at the time of the ICO.