Ethereum (ETH) has recently been like a mischievous “little prince of roller coasters”!
Sliding down from the peak of $4,800, swaying in the “playground” of $4,200-$4,600. As of September 8, 2025, ETH firmly sits at $4,303 on the “swing”, having dropped slightly by 3.52% in the past week, as if saying: “Let me take a breather first, then I’ll fly later!
Next, we will analyze this small coin’s “thoughts” from on-chain data, technical indicators, and market dynamics to see if it aims to surge to $4,500 or accidentally “fall” to $4,078.
1. On-chain data: Whales “offloading”, buyers “catching falling knives”
Whale Drama: According to Lookonchain, a whale that has been dormant for six years, probably dreaming of counting ETH, suddenly 'wakes up' and transfers 58,938 ETH (worth $254 million). Of this, 21,178 ETH (about $91.54 million) goes straight to Bitfinex, clearly intending to cash out for a yacht, shouting: 'Brothers, the market is too hot, I'm outta here!' Such a large sell-off usually raises doubts about whether it has lost 'confidence in ETH'.
But don't panic! Santiment's data tells us that the 'dormant circulation' of long-term holders is undergoing 'weight loss'. For instance, the circulation of the 180-day holding group plummeted from 189,000 ETH to 1,500 ETH, and the 2-5 year 'old stubborns' dropped from 18,800 ETH to 1,700 ETH.
This is not a 'total wipeout', but clever 'old foxes' are secretly counting profits, smiling as if they've hit the lottery. Exchange 'scramble for goods': CryptoQuant data shows outflows of 89,200 ETH from exchanges, with inflows of only 79,450 ETH, making the net flow negative for the first time in two days (-9,700 ETH). This indicates that the buyers in the spot market are like 'hungry wolves', busy catching the 'flying knives' thrown by the whales, shouting: 'Whatever you throw, I’ll catch!' This boldness keeps the price stable like an 'experienced driver'.
On-chain demand 'playing dead': Santiment's price DAA divergence is positive, indicating that the market is 'stockpiling', but on-chain trading volume is like 'weekend laziness', lacking energy. This could temporarily stall ETH's 'sprinting dream', needing to drink more 'coffee' to wake up.
2. Technical Indicators: Bullish signals are 'winking'.
ADX (Average Directional Index): Currently 18.3, below the 'breakout line' of 25, like a shy child, still undecided whether to 'go wild'. The trend is weak, but there are signs of 'restlessness'.
DMI (Directional Movement Index): The positive index (+DI) climbs to 18.48, crossing romantically with the negative index, posturing as if 'I'm going to rise'.
RVGI (Relative Vitality Index): Steadily standing above the signal line (-0.1129), like a vibrant 'square dance aunt', shouting: 'I can still dance!'
Price Pattern: On the 4-hour chart, ETH jumps out of the 'trough' at $10,800 with a bullish engulfing pattern, as if saying: 'I am fully resurrected!' Current resistance is at $4,400-$4,500, and if broken, it may head straight for the 'party' at $4,800; if it fails, the support level at $4,078 below $4,200 is waiting to 'catch the fall'.
3. Market Dynamics: Buyers 'stand firm', but beware of 'flipping'.
Buyers' 'Heavenly Group': Outflows from exchanges exceed inflows, and buyers are absorbing selling chips like 'supermarket rush', leaving the whale's selling pressure 'with nothing left'. ETH's price is stable like an 'old hand', completely unfazed.
'Flipping' Risk: On-chain demand is a bit 'sluggish', like a 'social phobic' unwilling to go out. If trading volume continues to 'sleep deeply', or more whales jump out to 'crash the market', ETH may 'slip' below $4,200, falling towards the 'safety cushion' of $4,078.
4. Trend Prediction: Sprint or 'lie flat'?
Bullish Scenario: If buyers continue to 'fire on all cylinders', and on-chain trading volume 'wakes up', ETH is expected to break through the 'ceiling' of $4,400-$4,500, returning to $4,800, even shouting: 'I want to go to heaven!' Technical indicators' 'flirtations' support this scenario.
Bearish Scenario: If on-chain demand continues to 'play dead', or more whales 'liquidate', ETH may 'slip away', sliding below $4,200 to test the 'psychological bottom' of $4,078, or even accidentally fall to $4,000, crying: 'I just wanted to take a break!'
Key Focus: Keep a close eye on the breakthrough of the $4,400 resistance level, as well as the on-chain trading volume and DAA divergence's 'wakeup call'. The next moves of the whales should also be monitored to avoid being 'ambushed'.
5. Conclusion: What's the next stop for ETH's 'roller coaster'?
Ethereum now resembles a 'stubborn colt', steadied by a 'kick' from the whale, while buyers are busy 'catching flying knives', and technical indicators are 'winking' and urging 'charge'. In the short term, ETH may sway in the 'playground' of $4,200-$4,500, and breaking through $4,500 could lead to a 'highlight moment' at $4,800;
If it accidentally 'flips', the 'safety net' at $4,078 is waiting. Investors need to keep an eye on on-chain data and K-lines, and not be dazzled by the whale's 'smoke bombs'.
Humorous Finale: Ethereum is simply the 'variety show star' of the crypto world! The whale's sale of $254 million feels like 'smashing the scene', while buyers are busy 'catching flying discs', and technical indicators still act like the 'atmosphere group' shouting 'charge charge charge!' Will it soar to $4,500 and keep 'partying', or accidentally fall to $4,078 and 'act cute'?
Get the popcorn ready and watch this 'crypto drama' on the K-line!
