Ethereum now changes hands at $4,100–$4,200 after the sudden drop. If the price stays here, the next stop is $4,500. Funds beyond DeFi users are watching as calmer futures, more on-chain use and big wallets adding coins shape the move.
After the flash crash, ETH held $4,100–$4,200 and sits just below the $4,500 line that everyone watches, keeping traders focused on whether momentum can carry through that level.
In futures, the funding fee stays low and flat at 0.001%, the small payment that keeps the swap price near the spot price and signals a calmer leveraged backdrop.
What happened and why it counts
Open interest in ETH futures has grown, and perpetual contracts alone hold 32% of that $33 billion book, a clue that more funds are joining the trade.
On-chain activity is heating up: DEX volume is up 47% in one week to $33.9 billion, while exchange balances sit at multi‑year lows, meaning fewer coins wait on the shelf.
The network logs 1.8 million transactions and 600,000 active addresses each day, underscoring steady usage amid price consolidation.
The 200‑day moving average near $3,500 acts as a backstop, and a daily close above $4,232 would tell chart traders the up move has room to run.
Institutional flow have more cash enters ETFs or CME contracts, a sign that large players treat ETH as a standard asset. Meanwhile, the low funding rates show traders use less borrowed money, so the risk of forced sell‑offs shrinks.
With less ETH on exchanges, any steady bid can push price up faster. A solid close over $4,232 tends to pull in model‑driven buyers and adds momentum.
Watch for a daily finish above $4,232 as the green light for a run to $4,500. Until then, quiet futures and busy on‑chain trade keep ETH in a tight range with an upward tilt, but the next leg still needs fresh institutional money and steady DeFi demand.
