September has once again lived up to its reputation as one of the bearish months for cryptocurrencies, and this year, Ethereum is at the center of attention. With spot, futures, and on-chain activity all hitting new highs, ETH is showing signs of stronger investor demand and holding power.
Now, all eyes are on whether it can finally break the $5,000 barrier.
Since early August, Ethereum has quietly overtaken Bitcoin in spot trading share. ETH currently holds 32.9% of spot volume compared to Bitcoin’s 32.6%, a narrow edge but a meaningful one. At its peak, ETH hit 41% share with $480B in spot volume, outpacing Bitcoin’s $400B.
The futures market shows the same trend. Ethereum futures volumes surpassed Bitcoin back in mid-July and went on to hit a record $3.08 trillion in August. Ethereum futures hit a record $3.08T in August, with open interest near $59B, reflecting steady investor demand.
On-chain activity is also booming, $258B locked in DeFi, 51.7M monthly active addresses, and $140B in DEX trading. Meanwhile, ETH balances on exchanges fell to a three-year low, signaling strong holding demand.
Much of Ethereum’s rally this year has been powered by ETFs. In 2025 alone, ETH ETFs attracted nearly $10 billion in net inflows. These products have become a major force in the market, with cumulative spot ETF volume nearing $200 billion. In fact, ETFs now account for 16% of all ETH spot trading, a record share.
Meanwhile, BlackRock’s ETHA fund leads the pack, commanding 74% of ETF trading activity. Today, after six straight days of outflows, the ETH ETF saw an inflow of $44.2 million, which all came from BlackRock alone.
Ethereum has been moving in a tight range since August, with bulls and bears battling for control. The $4,956 mark remains the big ceiling that stopped ETH’s last rally, while $4,310 is the key floor holding the line.
If ETH slips under $4,250, the next stops could be $4000 or even $3,874, levels tied to both Fibonacci retracement and past reaction zones. But so far, Ethereum’s 200-day SMA and EMA are trending higher, giving bulls an important safety net.
History shows Ethereum rarely stays below these moving averages during strong bull runs. If buyers can finally push ETH above $5,000, momentum could flip quickly, with targets at $5,500 and even $6,000 in sight.
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