Ethereum Drops 3% Amid Profit Booking, Trades at $4,500 Levels

Ethereum Price Movement

Ethereum's price is experiencing selling pressure, dropping over 3% to around $4,500.
This decline is due to profit booking and a broader crypto market selloff.
Historically, September has been weak for Ethereum, with an average negative return of 12.47% since its launch.
The percentage of ETH supply in profit recently dropped from its second-highest level in a month, indicating potential corrections.
The futures market data shows bearish trends, with the taker buy-sell ratio falling to 0.91.
Daily trading volume rose by 29% to $36.65 billion, with $108 million in liquidations, predominantly long positions.
Despite this, institutional interest remains strong, as firms like Bitmine Technologies and SharpLink Gaming continue purchasing ETH.

ETH percentage supply in profit chart. | Source: Glassnode

Future Outlook for Ethereum

If Ethereum maintains above the $4,500 support, downside risks are limited.
Analysts identify the $4,800-$4,880 range as critical resistance for potential upward movement.
A daily close above $4,880 could trigger a significant breakout, according to analyst Nami.
The $4,200-$4,400 range serves as solid support, protecting against further declines.

WEPE Meme Coin Overview

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It combines humor and market insights, appealing to retail traders against whale manipulation.
WEPE Supply: 200 billion
Blockchain: Ethereum and Solana
Meme coin activity is increasing on Solana, with WEPE gaining a supportive community base.

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