Ethereum has reached a new liquidity milestone, with stablecoin supply and DeFi activity driving fresh momentum across the network. The record levels of inflows and user engagement are fuelling speculation about whether ETH can break resistance at $4,500 or face another correction.
Stablecoin Liquidity Hits Record Levels
Ethereum’s stablecoin supply surged to $163.5 billion in September 2025, up from $152 billion in August. The $11.5 billion monthly rise marks one of the strongest liquidity inflows of the year. Analysts argue that this deeper liquidity base strengthens Ethereum’s role as the largest DeFi platform while providing more stability for trading and lending markets.
“More liquidity means higher trading activity, deeper DeFi markets and stronger price support,” said analyst Cipher X.
Ethereum also generated $99.1 million in network revenue over the past 180 days, highlighting consistent demand for blockspace. This reflects continued willingness among users to pay for transaction throughput, even with rising gas costs.
DeFi and Network Activity Stay Strong
Ethereum remains the dominant chain for decentralised finance, with total value locked (TVL) at $90.9 billion. While TVL dipped slightly over the past 24 hours, levels remain near yearly highs, reinforcing the platform’s position at the core of DeFi.
On-chain activity also points to robust adoption. In a single day, Ethereum recorded 540,717 active addresses, 64,794 new addresses, and 1.66 million daily transactions. Activity spans across lending, staking, decentralised exchanges and token transfers.
The steady engagement demonstrates Ethereum’s role as a network of choice for DeFi users despite competition from alternative chains.
Trading Range: $4,500 Resistance in Focus
At the time of reporting, ETH was trading near $4,360 after two weeks of sideways consolidation. Traders are closely watching the $4,500 resistance level, which has capped recent rallies. A breakout could open the way towards $4,883, while failure to clear resistance may send ETH back to support zones at $4,200–$4,100, or deeper towards $4,060 and $3,880.
Crypto analyst Ted cautioned against rushing into trades:
“Either Ethereum will reclaim $4,500, or a lower flush will happen. Don’t overtrade until there’s a definite direction.”
He also noted that Ethereum generated $1.4 million in daily fees yesterday, the highest across all blockchains, further underlining its dominance in terms of economic activity.
Long-Term Signals and Accumulation
Beyond short-term trading ranges, longer-term indicators are flashing bullish signs. Ethereum’s monthly MACD chart has shown a fresh crossover, which some traders interpret as the beginning of a new trend after months of consolidation.
Analyst Merlijn The Trader described the move as a “monster ignition,” suggesting that momentum is shifting in favour of bulls. He also highlighted Ethereum’s current price zone of $4,362 within the “Steady” band of his accumulation map. This zone lies just above “Still Cheap” and has historically aligned with phases where long-term investors build positions before major rallies.
The map further shows upper “HODL” and “Take Profit” zones, which in past cycles have coincided with retail-driven surges and profit-taking phases. If history rhymes, Ethereum could be entering a renewed accumulation period, setting the stage for larger moves ahead.
Outlook: Consolidation Before the Next Big Move
Ethereum’s record liquidity, rising stablecoin supply and persistent network usage all point to strong underlying fundamentals. However, price action remains pinned below $4,500, a level that traders see as critical in deciding the next major trend.
If ETH breaks through resistance with conviction, analysts expect momentum could carry the asset toward $4,883 and beyond. Conversely, a rejection could see the market retest support near $4,100.
With long-term signals flashing accumulation and liquidity hitting record highs, Ethereum appears poised for a defining move. Whether it becomes the start of a major rally or another consolidation phase will depend on how the market reacts at the crucial $4,500 threshold.
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