Ethereum Price Pullback Holds but Social Buzz Points Toward $6000

Key Insights:

• Ethereum price pulled back 1.7% to $4,770, but weekly gains stayed above 10%.
• Social activity showed Ethereum captured 13.5% of all crypto chatter, pointing to strong trader focus.
• Exchange outflows, positive CMF, and $2.44 billion in short positions above $5,400 hint at a possible move toward $6,000.

Ethereum was trading close to $4,770 after dropping about 1.7% in the past 24 hours. Even with this dip, its weekly gains were still close to 10%, and monthly gains stood near 7%. The pullback came after Ethereum touched $4,946, just under its recent high.

While the price cooled, the Ethereum price also drew more attention on social media. That focus could play an important role in what comes next.

Ethereum Price Gains Attention As Social Buzz Climbs

Ethereum made up 13.5% of all crypto-related posts and discussions, per data from LunarCrush. This means more than one in ten mentions across the market were about ETH.

When a coin takes that much space in the conversation, it usually shows traders are watching it closely. More eyes often mean more trading activity, and that can affect short-term moves.

The Ethereum price mentioned on the chart is more like a reflection of the social dominance and could play out in the long run.

This comes as Ethereum is holding just below resistance near $4,950. If it clears that level, the strong attention online could help bring more buyers.

In past cycles, higher social talk often lined up with strong trading interest, which makes this metric worth following now.

On-Chain and Chart Signals Back the Pullback

Exchange flow data added support to the idea that traders were not rushing for the exits. On August 24, netflows showed -166,000 ETH, meaning more coins left exchanges than entered.

Moving coins off exchanges often signals holding or accumulation. If traders wanted to sell, the flows would have been the other way around.

Chart indicators told a similar story. The Chaikin Money Flow (CMF), which checks whether money is moving in or out of the asset, stayed positive at 0.15.

Even though CMF has corrected a bit, the ability to keep higher than 0.10 despite the profit-booking reads bullish.

A reading above zero means buyers were stronger than sellers. The Bull-Bear Power (BBP) indicator, which tracks whether bulls or bears have control, also stayed green.

A green BBP shows bulls were not losing ground, even while the price eased lower. These measures suggested the drop looked more like a pause within the trend rather than a reversal.

Ethereum Price Levels and What Traders Should Watch

Derivative data showed another important layer. Around $2.44 billion worth of short bets sit near the $5,400 level. Shorts are trades that bet on the price falling.

If Ethereum pushes through $5,000 and moves higher, many of those shorts could be forced to close. That closing action often adds extra buying pressure, which can drive the price up faster. In Ethereum’s case, it could help push toward the next technical level around $6,374.

Support levels remain important on the downside. Ethereum has support near $4,374 and then $3,938. If the price drops below these, the bullish outlook weakens, and a deeper correction can follow.

But as long as the price holds above $4,374, traders will keep watching $5,489 as the next target and $6,000 as the bigger level.

For now, the main signs point one way: strong online focus, coins leaving exchanges, and positive chart signals. Ethereum price is in a pullback, but buyers still appear to have the upper hand.