Ethereum price is holding firm above $4,500, with both on-chain data and technical indicators suggesting further upside potential.
- Ethereum trades at $4,546, up 5.5% in 7 days, 7% in 30 days.
- On-chain data shows exchange reserves at multi-year lows.
- CryptoQuant analyst sets $6,000 year-end target as staking inflows rise.
ETH was trading at $4,546 at the time of writing, up 0.7% over the previous day. The token has gained 5.5% over the past week and 7% in the last 30 days, now sitting just 8% below its all-time high of $4,946 set on Aug. 24.
Market activity has cooled slightly, witj daily trading volume at $31.7 billion, a 2.9% decrease from the day before. Structural trends indicate strength despite this decline.
On-chain data points to bullish signals
According to a Sept. 17 analysis by CryptoQuant contributor XWIN Research Japan, Ethereum (ETH) staking inflows are getting close to all-time highs as investors continue to lock up ETH to generate yield. This shows confidence in long-term value and lowers the circulating supply.
At the same time, ETH balances on centralized exchanges have dropped to multi-year lows, continuing a decline that began in 2020. Supply pressure is easing as there are fewer tokens available for sale, which has historically served as a backdrop for bullish rallies.
Taken together, these fundamentals suggest that Citigroup’s latest year-end downside forecast of $4,300 may be more of a floor than a realistic outlook, according to XWIN Research. The analysis predicts that staking, tokenization growth, and stablecoin adoption will propel Ethereum toward $6,000–$7,000 by year’s end.
Ethereum price technical analysis
The technical picture adds weight to this case. Ethereum is still within the upper range of the Bollinger Bands, with support at $4,420 and resistance at $4,680. It is trading comfortably above the 20-day SMA at $4,457. After cooling from overbought levels, the relative strength index is at 55.8, a neutral reading that allows for further upside.
Although they are mixed, momentum indicators lean bullish. Short-term oscillators indicate consolidation, while Momentum and the MACD are still in buy territory. From the 10-day EMA ($4,508) to ths 200-day SMA ($2,836), moving averages on all timeframes are aligned in a strong upward trend, reinforcing structural support.
A clear breakout above $4,680 in a bullish scenario might trigger a retest of $4,900–$5,000, with further strength opening the door to $6,000. In a bearish scenario, ETH would drop below $4,420, touching the next support zone between $4,200 and $4,250.
