Polygon (Old)

Key takeaways:
<ul>
 <li>Roughly 1.7 million ETH ($7.5 billion) were accumulated in the $4,300 to $4,400 range, creating strong support.</li>
 <li>Institutional demand surges as CME open interest hits all-time highs with short-term maturities dominating.</li>
 <li>$4,500 remains critical for Ether, with a breakout triggering upside, but dips to $4,000 can’t be ruled out.</li>
</ul>
Ether (<a href="/ethereum-price" rel="noopener noreferrer">ETH</a>) continues to trade sideways between $4,500 and $4,200 this month, showing signs of fading momentum. The lack of decisive buying pressure indicates concerns about short-term weakness, but onchain data suggests a deeper accumulation trend may be underway.
Data from CryptoQuant <a href="https://cryptoquant.com/insights/quicktake/68c29d8a6e8c203d2e215a6d-Ethereum-Sees-Major-Accumulation-at-4300-4400-Highlighting-Binances-Pivotal-Role" rel="noopener noreferrer nofollow" target="_blank">highlights</a> a critical development around the $4,300–$4,400 zone. Roughly 1.7 million ETH, i.e., $7.5 billion, has been absorbed into accumulation addresses at this level, with many withdrawals from centralized exchanges reflecting an average cost basis near $4,300. This establishes a strong zone of interest that could serve as key support if price tests lower levels again.
<figure>
 <img alt="Cryptocurrencies, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis, Ether Price, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2025-09/01993945-fdfb-701d-b060-de05f1e04f86" title="">
 <figcaption style="text-align: center;">
 Ether inflows in accumulation addresses. Source: CryptoQuant
 </figcaption>
</figure>
Exchange flow analysis shows that Binance has played a significant role in this process, handling the largest outflows during the accumulation phase. Interestingly, addresses depositing ETH onto Binance show an average cost basis closer to $3,150, suggesting divergent positioning between long-term holders and active traders.
Institutional flows are also shaping the current market. Open interest (OI) on CME has surged to all-time highs, with a heavy concentration in short-term maturities (one to three months).
While this raises volatility risk around contract expirations, it also signals aggressive institutional participation. Longer-term maturities (three to six months) are also building, reflecting stronger confidence in Ether’s outlook.
<figure>
 <img alt="Cryptocurrencies, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis, Ether Price, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2025-09/01993948-4776-76b6-8537-58f83a298bb5" title="">
 <figcaption style="text-align: center;">
 ETH open interest on CME. Source: CryptoQuant
 </figcaption>
</figure>
With ETH trading near $5,000, Crypto analyst Pelin Ay <a href="https://cryptoquant.com/insights/quicktake/68c2ad91756c0b23f07c4242-Ethereums-Institutional-FOMO-CME-Futures-Open-Interest-Hits-Record-Highs-Driving" rel="noopener noreferrer nofollow" target="_blank">noted</a> that the above institutional demand and derivatives positioning suggest further upside. While liquidation risks remain elevated, the analyst argues the broader trend remains intact. Pelin said,&nbsp;
<blockquote>
 “My expectation is that ETH could reach the $6,800 resistance level by year end.”
</blockquote>
<a href="https://cointelegraph.com/news/latam-blockchain-devs-favor-ethereum-polygon-over-new-protocols" rel="noopener noreferrer nofollow" target="_self">Related:&nbsp;Latin American devs favor Ethereum and Polygon over new chains: Report</a>
<h2 id="4-500-remains-the-key-inflection-level-for-ether">$4,500 remains the key inflection level for Ether</h2>
From a technical standpoint, lower time frames continue to show indecision for Ether. The asset has largely ranged between $4,200 and $4,500 throughout September, while crypto assets like Bitcoin and Solana have exhibited higher highs. This divergence points to short-term capital rotation into other majors, though a decisive break above $4,500 could quickly shift momentum back toward Ether.
<figure>
 <img alt="Cryptocurrencies, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis, Ether Price, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2025-09/01993951-be49-7820-bd6a-40902e9a1c66" title="">
 <figcaption style="text-align: center;">
 Ether four-hour chart. Source: <a href="https://www.tradingview.com/symbols/ETHUSDT/" rel="noopener noreferrer nofollow" target="_blank">Cointelegraph/TradingView</a>
 </figcaption>
</figure>
However, the risk of a lower liquidity sweep remains elevated. Key downside levels sit around $4,200, with a notable order block/demand zone between $4,000 and $4,100 positioned just below. If Ether’s price action remains weak going into Q4, a dip toward these zones is possible before any meaningful breakout above $4,500 materializes. Crypto trader Merlijn believes the likelihood of an immediate rally remains higher as a key monthly indicator turns green. The trader <a href="https://x.com/MerlijnTrader/status/1966124579006378469" rel="noopener noreferrer nofollow" target="_blank">said</a>,&nbsp;
<blockquote>
 “MACD just flipped green. 3 years of pressure coiled and ready to detonate. Monthly candle says only one word: BULLISH. Clear $4,500 and Ethereum goes parabolic.
</blockquote>
<figure>
 <img alt="Cryptocurrencies, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis, Ether Price, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2025-09/0199394a-9b2f-78c5-9ca4-f0e54a3fdd6c" title="">
 <figcaption style="text-align: center;">
 Ether analysis by Merlijn the trader. Source: X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

ETH builds $7.5B base as analysts predict $6,500 Ether by year-end

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