It’s been a pretty steady couple of weeks for Ethereum, price-wise. The asset has been hovering around that $4,360 mark, not really making any big jumps or drops. But while the price might seem quiet, a lot is happening under the surface that suggests things aren’t so calm.
Stablecoin Inflows and Steady Revenue
Perhaps the biggest story right now is the sheer amount of money flowing into Ethereum in the form of stablecoins. We’re talking a record $163.5 billion sitting there in September. That’s up from $152 billion just a month ago. That kind of liquidity doesn’t just appear for no reason. It usually means people are getting ready to do something—trade, provide loans, stake. It’s the fuel for everything built on the network.
And all that activity costs money, right? Well, the network has pulled in $99.1 million in revenue over the last six months. That’s a solid number. It points to consistent, real demand for space on the blockchain. People are willing to pay those fees, which is a good sign of utility, I think. It’s not just speculation.
The Current Trading Standoff
So where does that leave the price of ETH itself? It’s in a bit of a standoff. The key level everyone is watching is $4,500. That’s the resistance that needs to break for things to really move upward again. If it can push through, some are looking toward $4,883 as a next target.
But if it fails? Well, there’s support waiting around $4,200, and then further down near $3,880. One analyst, Ted, put it simply: it’s either going to reclaim $4,500 or we might see a drop to shake out weaker positions. His advice was to wait for a clearer direction before making any big moves.
Long-Term Holders Seem Patient
Looking at the bigger picture, there might be some clues about what comes next. A popular accumulation map that’s been shared around places the current price in what’s labeled the “Steady” zone. This is historically where longer-term investors, the ones who aren’t easily spooked, tend to accumulate their positions.
It’s the area just above “Still Cheap” and well below the red “HODL” and “Take Profit” zones where rallies often peak and people start cashing out. The message from that map is that we might be in a quieter, accumulation phase rather than a hype-driven frenzy.
So, with record liquidity, strong underlying usage, and a price at a technical crossroads, Ethereum feels like it’s gathering strength. The next major move likely depends on whether it can muster the momentum to break that $4,500 ceiling.
