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#Ethereum price down after new all-time high above $4,900, can it crash?

Ethereum’s price has slipped nearly 5% after hitting a new all-time high of $4,946 earlier today.

Summary

Ethereum price has cooled off after hitting an all-time high on Aug25.

Historical data suggests that September could be bearish for ETH.

Technicals portray a contrasting outlook as ETH trades within an ascending channel on the daily chart.

According to data Ethereum $ETH

Ethereum price rallied over 21% to hit a new all-time high of $4,946 on Aug. 25 before settling down at $4,713 as of press time. At this price, it remains 26% above since the beginning of August and 220% from its year-to-date low.

Despite the strong gains posted by the leading altcoin by market cap in August, historical datasuggests that the upcoming month could likely be bearish for it.

look at data , that since 2016, each time Ethereum recorded gains in August, it was followed by a decline in September. More specifically, ETH posted gains of 92.86%, 25.3%, and 35.6% in August of 2017, 2020, and 2021,while the respective Septembers recorded declines of 21.65%, 17.08%, and 12.55%.

Such a scenario is further supported by the fact that ETH remains close to its all-time high levels. Cryptocurrencies typically tend to face some sell-off after hitting a new peak, as early investors begin to book profits.

Meanwhile, data shows that Ethereum’s sharp drop from its new high was triggered by a wave of long liquidations, as overleveraged positions were flushed near the top. In the past 24 hours, total liquidations for ETH stood at $216 million, with nearly $130 million coming from long positions

As of press time, dense liquidation zones remain clustered above $4,900. Any renewed attempt to break higher could spark another liquidation cascade. If this occurs, ETH may slip further toward the $4,600–$4,680 range.

Nevertheless, unlike in previous cycles, Ethereum could enter the coming September under a different macro environment, one marked by the presence of spot Ether ETFs and corporate treasurie