Ether saw a 6% price correction on September 22, resulting in panic selling but hopes of a potential bottom remains.
Ethereum ETH $4 192 24h volatility: 6.4% Market cap: $506.38 B Vol. 24h: $46.16 B price faced sudden selling pressure on September 22, dropping from just below the $4,500 mark to intraday lows near $4,100.
At press time, ETH hovers around $4,180, down 6% in 24 hours.
The slide coincided with a steep drop in derivatives activity. Open Interest (OI) across major exchanges sank to $9.84 billion, close to its September 6 level of $9.58 billion. Historically, this is a strong support zone for leveraged positions.
Meanwhile, Net Taker Volume registered -$1.66 billion, signaling aggressive sell-side dominance as traders rushed to exit positions.
ETH: Binance cumulative net taker volume. | Source: CryptoQuant
Funding rates also flipped negative, meaning short sellers are paying longs to hold contracts, a classic sign of crypto market pessimism and potential capitulation. Deeply negative funding near key price supports has often resulted in relief rallies.
ETH: Funding rate by exchange. | Source: CryptoQuant
This suggests that an oversold environment could be forming. Interestingly, LookOnChain revealed that earlier today, a popular “buy high, sell low” whale wallet unloaded 1,000 ETH, about $4.19 million.
The "buy high, sell low" whale 0x3c9E panic-sold 1,000 $ETH($4.19M) again an hour ago.
Over the past two months, this whale has always bought $ETH at high prices and sold at lows.https://t.co/gsGi4daxvz pic.twitter.com/5skd6uwIKP
— Lookonchain (@lookonchain) September 22, 2025
The trader has a history of poorly timed exits. In late August, their sale led to a 10% ETH rally to $4,750 within two weeks.
ETH Price Oversold Signals Emerge
The daily ETH chart suggests a possible short-term bottom. The latest candle has broken below the mid-Bollinger Band near $4,440 and touched the lower band around $4,160, indicating elevated volatility and short-term oversold conditions.
ETH price chart with RSI and Bollinger Bands. | Source: Trading View
The RSI is also approaching the 30 threshold that often marks oversold territory. Key support lies near $4,100, the day’s low and a level flagged by popular trader Ted as crucial liquidity.
$ETH tapped the $4,100 liquidity level today.
If this level is lost, Ethereum will drop towards the $3,700-$3,800 level (my dip buying zone). pic.twitter.com/QCEyyhHaS2
— Ted (@TedPillows) September 22, 2025
A decisive break below could lead ETH to the $3,700-$3,800 zone, where Ted plans to buy dips.
Meanwhile, the MACD indicator has been negative for weeks, but the histogram’s decline is slowing. This hints that bearish momentum may be losing steam. Immediate resistance stands near the 20-day moving average around $4,440.
ETH price chart with MACD. | Source: Trading View
Overall, while Ether faces sell-off pressure in the short-term, the oversold readings suggest Ethereum could be setting up for a relief rally if $4,100 holds.
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PepeNode Presale Details
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