Ethereum has managed to recover and surpass the $4,500 level, driven by heightened demand from institutional investors and steady accumulation.
Ethereum Reclaims $4,500
Ethereum (ETH) rose back above $4,500 on September 12, trading at $4,518, which represents a 2.5% increase over the past 24 hours. Currently, the cryptocurrency is 8.6% below its all-time high of $4,946, reached on August 24. Although ETH has increased by 4.4% in the last week, it has still dropped by 2.8% over the past month. Trading volume for Ethereum reached $36.38 billion in the last 24 hours, slightly down by 0.30%.
ETH Accumulation Around $4,300–$4,400
In a September 11 post on CryptoQuant, contributor Crazzyblockk noted that buyers have been steadily accumulating ETH in the $4,300–$4,400 range, adding nearly 1.7 million ETH to long-term wallets. Binance was crucial, as it handled the highest outflows during this accumulation phase. ETH deposits into Binance started from levels close to $3,150, with the average cost basis for these withdrawals being approximately $4,300, indicating that long-term holders are shifting their positions as new demand increases.
Institutional Demand Drives ETH Futures
PelinayPA, another CryptoQuant contributor, noted that open interest in CME futures has increased to all-time highs, especially for short-term contracts with maturities of 1-3 months. She compared the current structure to previous Ethereum cycles when open interest was low during the 2021-2022 bull market, crashed during the 2022 bear market, and then steadily recovered from 2023. Strong institutional participation is evident in the current market, with high open interest fueling both upward momentum and the possibility of more severe corrections during expiries.
Current market actions for Ethereum support a positive outlook among investors, but signs of potential short-term pullbacks remain. Institutional interest in futures continues to support ETH price, which could lead to further growth.
