Ethereum has reached a new milestone in September 2025, with its liquidity soaring to $163.5 billion. Rising stablecoin inflows, robust decentralised finance (DeFi) activity and strong user engagement are fuelling optimism for a potential breakout above $4,500. Traders and analysts remain divided, however, on whether ETH’s sideways consolidation will lead to a rally or a correction.
Stablecoin Liquidity at Record Highs
Ethereum’s stablecoin supply has climbed to $163.5 billion, up from $152 billion in August, marking one of the largest liquidity increases on the network this year. Liquidity is a key metric for gauging trading depth and market stability and the sharp rise strengthens Ethereum’s position as the leading blockchain for decentralised finance.
Cipher X, a crypto market analyst, emphasised the importance of this inflow:
“More liquidity means higher trading activity, deeper DeFi markets and stronger price support.”
The network’s role as the backbone for stablecoins and tokenised assets gives it a distinct advantage. Liquidity inflows often coincide with rising activity across trading platforms, lending protocols and staking services, laying the groundwork for potential price appreciation.
Network Revenue and User Activity
Ethereum also generated $99.1 million in network revenue over the past 180 days, reflecting consistent demand for blockspace. Transaction fees continue to be a major revenue driver, with the network recording $1.4 million in fees in a single day, the highest among all blockchains.
User activity remains steady. Daily active addresses recently hit 540,717, accompanied by 64,794 new addresses created in a single day. Daily transactions stood at 1.66 million, showing that Ethereum’s ecosystem continues to attract new users while maintaining strong engagement from existing participants.
Despite slight fluctuations, DeFi total value locked (TVL) remains robust at $90.9 billion, according to DefiLlama, keeping Ethereum well ahead of competing chains.
Price Action: Sideways Consolidation Near Resistance
ETH is currently trading at around $4,360 after nearly two weeks of sideways movement. Market watchers are closely monitoring the $4,500 level, which has become a critical resistance point. A successful breakout could open the door to higher targets around $4,883, while failure to hold support between $4,200 and $4,100 may trigger deeper corrections towards $4,060 or even $3,880.
Crypto analyst Ted noted that the market remains at a crossroads:
“Either Ethereum will reclaim $4,500, or a lower flush will happen. Don’t overtrade until there’s a definite direction.”
This cautious sentiment reflects the balance between bullish fundamentals and uncertain short-term momentum. Traders are preparing for volatility, with $4,500 acting as the pivot point for Ethereum’s next major move.
Long-Term Signals Point to Accumulation
Beyond short-term trading levels, technical indicators suggest Ethereum may be entering a new accumulation phase. A fresh monthly MACD crossover has appeared on the charts, which some traders view as a bullish signal after months of consolidation.
Merlijn The Trader described it as a “monster ignition,” suggesting the possibility of renewed momentum for ETH. He also shared an accumulation map showing Ethereum near $4,362 in the “Steady” band, just above “Still Cheap.” Historically, these ranges have aligned with long-term investor accumulation before major rallies.
The map further identifies upper red zones marked as “HODL” and “Take Profit.” In previous cycles, these areas coincided with retail-driven rallies and eventual profit-taking phases, highlighting the cyclical nature of Ethereum’s price action.
Outlook: Breaking the $4,500 Barrier
Ethereum now stands at a pivotal moment. On one side, record liquidity, rising network revenue and strong on-chain activity provide a powerful foundation for price support. On the other, short-term technical resistance at $4,500 and potential corrections to $4,100 or lower keep traders cautious.
If ETH manages to clear $4,500 decisively, it could trigger the next leg higher, supported by the liquidity surge and accumulation signals. Failure to break through resistance, however, could see the price retesting support levels before any larger rally.
With fundamentals and technicals aligning, Ethereum’s next move may set the tone for the broader market in the final quarter of 2025. Whether the breakout comes now or after another correction, the record $163.5 billion liquidity highlights just how deeply Ethereum remains embedded at the heart of decentralised finance.
