Ethereum price stalled near $4.5K after a failed breakout at $4,763; fading perpetual demand and rising exchange inflows left ETH vulnerable to consolidation between $4.47K and $4.6K, despite positive funding rates indicating lingering bullish bias.
Perpetual demand weakened: imbalance between perps and spot volumes declined, signaling exits by leveraged traders.
Spot selling rose: Exchange Netflow hit ~13.9K, indicating net inflows and spot-side pressure.
Funding remains positive: Funding Rate at ~0.011, but low spot volume suggests limited conviction.
Meta description: Ethereum price shows stalled breakout at $4.76K; fading perpetual demand and rising exchange inflows may cap ETH near $4.5K — read the latest market metrics.
Why did Ethereum’s price stall near $4.5k?
Ethereum price stalled after rejection at $4,763 as leverage appetite dropped and exchange inflows increased. Immediate balance-sheet metrics — weak perpetual dominance, spot volumes under 1M, and positive but fragile funding rates — point to short-term consolidation rather than a fresh uptrend.
How did perpetual and spot volumes shift recently?
Perpetual demand faded notably over the prior two weeks. CryptoQuant analyst Arab Chain reported the Z-Score oscillated between 0.0 and -1.0, indicating perps lost dominance. This shift implies many speculators reduced leverage exposure, lowering the probability of a sustained volatility-driven rally.
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Source: CryptoQuant
What do funding rates and leverage metrics indicate?
Funding rates stayed positive for 30 days, peaking around 0.011 at press time. Positive funding shows remaining bullish bias, but the persistence of positive funding with falling perps volume suggests fewer new longs are being opened. That dynamic increases vulnerability to a long squeeze if selling accelerates.
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Spot Volume remained muted in the 500k–1M band, well below summer highs. CryptoQuant data showed Exchange Netflow at approximately 13.9K, a clear sign of spot-side selling pressure over the recent four-day stretch. Higher inflows to exchanges typically correlate with increased selling and supply pressure on price.
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