Ethereum May Have Formed a Local Top After Near-$5,000 Rally as Futures Pressure and ETF Outflows Mount

• 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.

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.

How did Ethereum spot ETFs and TradFi flows impact price?

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.

ETF and derivatives context

Bitcoin spot ETFs recorded total net outflows of $160 million on the same day, with none of the 12 ETFs posting net inflows. Glassnode data indicates that over 50% of Ethereum ETF inflows have coincided with rising CME open interest, suggesting TradFi participants may combine outright exposure with arbitrage strategies rather than simple directional bets.

These combined signals — heavy taker sell volume in futures and large spot ETF outflows — have historically signaled local tops or short-term distribution phases in ETH price cycles.

What on-chain and market signals are analysts watching?

Analysts look at taker volume, futures open interest, ETF flow reports, and large-stake movements to assess conviction. A notable event: an Ethereum ICO participant staked 150,000 ETH (worth roughly $656 million) after eight years of dormancy; the participant had originally received 300,000 ETH for $93,300 at the ICO.

Key data points being monitored:

• Taker volume imbalance: CryptoQuant reports $570M more in sellers than buyers in futures taker volume.
• ETF flows: $447M spot ETH ETF net outflow on Sept. 5, second-largest historically.
• CME open interest: Rising OI alongside ETF flows, per Glassnode, implying mix of arbitrage and directional exposure.

Frequently Asked Questions

Has Ethereum already hit its cycle top?

Data-driven indicators point to a potential short-term top: futures taker volume skewed heavily to sellers and major spot ETF outflows. Confirmation requires continued selling pressure and failure to reclaim recent ranges above $4,700.

What should traders watch next?

Watch taker volume, ETF flow updates, CME open interest, and key support at recent lows (~$4,200). Monitor macroeconomic prints that could affect risk appetite and rate expectations.

Key Takeaways

• Price context: ETH hit $4,955 on Aug. 24 and has traded lower, testing the $4,200–$4,800 range.
• Derivatives & flows: $570M net seller taker volume and $447M spot ETF outflows on Sept. 5 drove sentiment shift.
• Actionable insight: Combine futures/taker data with ETF flow reports and on-chain large-movement alerts before adjusting exposure.

Conclusion

This COINOTAG analysis shows Ethereum price retreating after a late‑August peak, pressured by concentrated futures selling and significant ETF outflows. Traders should use a data-first approach — combining taker volume, ETF flows, and CME open interest — to judge whether this marks a short-term local top or a temporary pullback. Stay updated with official flow reports and on-chain metrics for timely decisions.

Published: 2025-09-06 · Updated: 2025-09-06 · Author: COINOTAG