Ethereum Plummets to $4,500 on September 19 - Possibility of Surge to $5,400 Remains?
In a significant development for the cryptocurrency market, Ethereum has broken out of the bullish "cup and handle" technical pattern, according to a report published by BeInCrypto on September 19, 2025.
The 24-hour trading volume of Ethereum has seen a significant drop of 35%, down to IDR 458.81 trillion. Despite this decrease, the current Ethereum price shows a slight short-term increase of about 0.25% in the last hour. However, the price has also experienced a decrease of 0.40% in the last 24 hours and a decline of approximately 3.49% over the past 30 days. This indicates recent downward pressure after reaching an all-time high of €4,216.66 in August 2025.
The sharp decline in the spent coins metric is not isolated, as two other on-chain metrics - NUPL and exchange inflows/outflows - show the same trend. The Spent Coins Age Band metric shows that selling pressure against Ethereum has dropped to a six-month low, suggesting a potential shift in market sentiment.
The NUPL metric, which measures how many wallets are currently in a profit or loss position on paper, has climbed back above $0.50. A decrease in NUPL at higher prices indicates that fewer wallets are holding easy profits, suggesting fewer short-term traders are selling.
The Chaikin Money Flow (CMF) indicator has risen and is close to the zero line along with the breakout of the handle pattern. If the CMF enters the positive zone, it will confirm a new flow of funds coming into the market.
Strong support levels for Ethereum price are at $4,489 and $4,424. If Ethereum price drops below $4,213, the bullish structure will be considered a failure. However, the next breakout target for Ethereum price is expected to be $5,430, a new high for the year.
More coins leaving exchanges (outflows) indicate accumulation, which can potentially lead to higher Ethereum prices if demand continues to rise. On September 18, the total ETH that changed hands across all coin age categories dropped to just 42,700 ETH, suggesting a potential increase in accumulation.
It is important to note that crypto trading activities have high risk and volatility. Readers are advised to always do their own research and use caution.
In the past 24 hours, Ethereum reached a low of IDR 75,472,917 and a high of IDR 76,715,879. The neckline of this pattern is around $4,765.
As Ethereum navigates through this phase of consolidation or mild correction following previous highs, investors and traders will be closely watching the market to see how the price develops in the coming days.
