Ethereum price pulled back after an Aug. 24 intraday high of $4,955 as futures selling and large ETF outflows weighed on momentum; ETH traded near $4,295 on Sept. 5 with $447M in spot ETF net outflows and concentrated seller activity suggesting a possible short-term local top.
ETH fell after an Aug. 24 $4,955 high and is trading lower amid futures sell pressure and ETF outflows.
Spot Ethereum ETFs recorded $447M net outflows on Sept. 5, the second-largest single-day outflow.
On-chain and derivatives data (CryptoQuant, Glassnode) point to seller-dominated taker volume and rising CME open interest.
Ethereum price update: ETH retreats from Aug. 24 high amid futures pressure and $447M ETF outflows — read expert analysis and data-driven outlook from COINOTAG.
What is driving the recent Ethereum price pullback?
Ethereum price weakened after reaching a $4,955 intraday high on Aug. 24 due to concentrated futures selling and large spot ETF outflows, which together reduced short-term upside momentum. Market reaction to macro data and shifting TradFi positioning further pressured ETH near $4,295 on Sept. 5.
Market update — price action and ranges
Ethereum neared the $5,000 mark in late August, but its rally stopped short, however reaching an all-time high of $4,955 on Aug. 24.
Since this date, Ethereum has fluctuated in a range between $4,209 and $4,797, with the price failing to reach $5,000.
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At the time of writing, ETH was trading down 3.67% in the last 24 hours to $4,295 as crypto markets fell after an initial rise in response to weak U.S. job growth that had sparked hopes for a September rate cut.
As the market awaits the next major move, analysts are hinting at indications that Ethereum might have formed a local top, beyond which upside momentum might not be feasible in the short term.
According to Maartunn, a community analyst at CryptoQuant, ETH futures remain under pressure. This is as net taker volume is heavily skewed with sellers hitting the bid with $570 million more than buyers. Maartunn added that historically, this level of aggressive selling has appeared near local tops.
Spot ETF flows have been a material driver of near-term sentiment for ETH. On Sept. 5, Ethereum spot ETFs saw total net outflows of $447 million, the second-largest in history and reversing a month-long trend of major inflows.
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