Ethereum (ETH) Price: Market Faces Resistance at $4,500 After Recent Pullback

TLDR

• Ethereum trading at $4,477, just below the $4,500 resistance level
• Exchange balances have fallen to a 9-year low of 14.88 million ETH
• Investors accumulated approximately 470,000 ETH ($211 million) in the past week
• Ethereum faced a pullback after failing to break above $4,750
• Technical indicators suggest potential further decline toward $4,200 support

Ethereum has been on a steady climb since the beginning of August, with the price now hovering around $4,477. The second-largest cryptocurrency is facing resistance at the $4,500 level as traders watch for signs of a potential push toward $5,000.

Market data shows that Ethereum exchange balances have dropped to a nine-year low of 14.88 million ETH. This decrease indicates that investors are moving their holdings into long-term storage rather than keeping them on exchanges where they could be sold.

Over the past week, investors have accumulated approximately 470,000 ETH, worth about $211 million. While this pace of accumulation is modest, it demonstrates continued investor interest in holding the cryptocurrency.

The current sentiment index for Ethereum is below 2.00, which historically has indicated fear and uncertainty among retail investors. This negative sentiment often functions as a contrarian indicator in the market.

When traders experience fear, uncertainty, and doubt (FUD), prices frequently move in the opposite direction. This pattern has been observed repeatedly in cryptocurrency markets.

For context, Ethereum faced extreme greed from traders on June 16, 2025, and again on July 30, 2025. Both instances triggered price corrections as excessive optimism invited selling pressure.

Today’s climate of disbelief and caution comes while ETH continues to set higher prices. This suggests that the sentiment-driven skepticism may ironically help fuel the rally.

Recent Price Action

Despite the positive on-chain indicators, Ethereum recently experienced a pullback after failing to break above the $4,750 zone. This correction brought the price below several key support levels.

The bears were able to push the price below the $4,550 support zone. Technical analysis shows that ETH broke below the 61.8% Fibonacci retracement level of the upward move from the $4,170 swing low to the $4,782 high.

A bearish trend line has formed with resistance at $4,520 on the hourly chart. Ethereum is now trading below $4,550 and the 100-hourly Simple Moving Average.

The cryptocurrency is currently trading near the 76.4% Fibonacci retracement level of the upward move from the $4,170 swing low to the $4,782 high.

On the upside, Ethereum could face resistance near the $4,380 level. The next key resistance is around $4,440, followed by the more significant $4,500 level.

Support and Resistance Levels

If Ethereum manages to reclaim $4,500 as support, the uptrend could accelerate. This move would help the cryptocurrency push through the next resistance at $4,749, potentially paving the way for a test of the $5,000 mark.

However, if Ethereum fails to clear the $4,500 resistance, it could continue to move down. Initial support on the downside is near the $4,240 level, with major support at $4,200.

A break below $4,200 might push the price toward $4,180 support. Further losses could send the price toward the $4,050 level, with the next key support at $4,000.

The hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI is now below the 50 zone. These technical indicators suggest potential for continued downward movement in the short term.

The current market conditions present both opportunities and risks for Ethereum traders. While on-chain data points to accumulation and reduced selling pressure, technical indicators show some bearish signals in the short term.

Ethereum’s price movements in the coming days will likely be determined by whether it can overcome the $4,500 resistance or if it will test lower support levels around $4,200.

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