Ethereum Price Under Pressure Amid Strong Profit Booking, What’s Next?

Market Overview - Ethereum price is currently facing significant selling pressure, correcting over 3% to $4,500 levels amid strong profit booking and a broader crypto market selloff [1][2] - Historically, September has been a weak month for Ethereum, with a median return of negative 12.47% since its launch [1] Profit Booking and Market Metrics - The recent price correction follows a decline in the percentage of total ETH supply in profit, which dropped from 99.68% to 98.14% [2] - Historical data indicates that such peaks in profit supply have often been followed by corrections, as seen when profit supply hit 99.88% on August 22, leading to a 9% price drop [3] Trading Volume and Liquidations - The 3% drop in Ethereum's price coincided with a 29% increase in daily trading volume, reaching $36.65 billion, and 24-hour liquidations surged to $108 million, primarily in long positions [4] Support and Resistance Levels - Analysts suggest that as long as Ethereum holds above the $4,500 support, downside risks remain limited, with key resistance identified in the $4,800-$4,880 range [5] - The $4,200-$4,400 range is highlighted as a solid support base, which continues to absorb dips and protect against deeper declines [6]