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]

Core Insights - Solana is experiencing significant price performance with its price surpassing $200 and perpetual open interest exceeding $7 billion, indicating increased market participation [1][2][4] Market Participation - The surge in Solana's perpetual futures open interest reflects a notable influx of capital from both retail and institutional investors, as evidenced by a chart from Glassnode showing growth from late 2024 to the present [2][3] - Open interest serves as a key indicator of market participation and liquidity in futures markets, providing insights into the total number of outstanding contracts yet to be settled [3] Price Performance - Solana's price has rallied to $218.04, marking a 1.94% increase over the past 24 hours, with a market capitalization of $118.02 billion and a 24-hour trading volume of $9.21 billion [4] - The next resistance level for Solana is anticipated to be $220, with potential for further price gains if this barrier is breached [5] Ecosystem Developments - Despite a recent setback involving a rug pull incident on the Aqua trading platform, which resulted in the loss of 21,770 SOL (approximately $4.65 million), the overall market structure for Solana remains unaffected [6] - The Solana ecosystem is expected to gain positive momentum, particularly with the odds for Solana Exchange Traded Fund (ETF) approval reaching 99% [7] New Projects - Solana has welcomed the Wall Street Pepe (WEPE) cryptocurrency, which has transitioned from Ethereum to the Solana blockchain, enhancing its ecosystem and generating additional hype [8]