Ethereum (ETH) Price: Technical Indicators Point to $4,680 Resistance Level

TLDR

• Ethereum price recovered above $4,520 with next major resistance at $4,680
• Record $12 billion worth of ETH queued for unstaking with 44-day wait time
• Strategic reserves and ETF holdings jumped 116% since July 1
• Institutional demand through ETFs attracted $646 million in inflows last week
• Technical indicators show bullish momentum with RSI above 50 and positive MACD

Ethereum price has started a fresh recovery wave above the $4,520 level after testing support near $4,415. The second-largest cryptocurrency is now trading above $4,580 and the 100-hourly Simple Moving Average.

The recovery came after ETH broke above a bearish trend line with resistance at $4,550. Bulls pushed the price above the 50% Fibonacci retracement level of the recent downward move from $4,765 to $4,416.

Current technical analysis shows the next key resistance level sits at $4,680. A break above this level could open the path toward $4,720 and potentially $4,750.

If Ethereum continues its upward momentum past $4,750, the price could target the $4,850 resistance zone or even $4,880 in the near term. The hourly MACD is gaining momentum in the bullish zone while the RSI has moved above 50.

However, failure to clear the $4,680 resistance could trigger a fresh decline. Initial support lies at $4,580, with major support at $4,535.

Ethereum’s exit queue has reached unprecedented levels with 2.6 million ETH worth approximately $12 billion waiting to be unstaked. This represents the largest amount of Ether ever queued for withdrawal by network validators.

The current wait time for unstaking has extended to 44 days. Data shows over 1.05 million active validators are securing the network, with 29.4% of total ETH supply currently staked.

Macro analyst MartyPary described the validator exodus as “parabolic,” representing the largest in crypto history. The massive queue has raised questions about potential selling pressure, especially given Ethereum’s 97% price gains over the past 12 months.

Unstaking Queue Impact

Crypto analyst Lark Davis pointed out “heavy sell pressure incoming” as validators may look to lock in profits from their staking rewards and price appreciation.

The Ethereum exit queue is at a record high.

Huge amounts of $ETH is now waiting to exit staking.

Heavy sell pressure incoming.

Will this set off a massive correction in $ETH? pic.twitter.com/RJsdQ4lT7U

— Lark Davis (@TheCryptoLark) August 31, 2025

The staking entry queue has dropped to four-week lows with 512,755 ETH worth $2.3 billion waiting to be staked. This compares to 959,717 ETH on September 5, showing declining demand for new staking positions.

While this does not mean that all validators are looking to sell their holdings, a portion of the over $12 billion may be offloaded to lock in profits, as Ether price has risen 97% over the past 12 months.

Institutional Support Grows

Despite unstaking concerns, institutional accumulation has accelerated. Strategic reserves and spot ETH exchange-traded funds have increased holdings by 116% since July 1.

These entities now hold 11,762,594 ETH compared to 5,445,458 ETH three months ago. The increase represents major institutional and corporate players absorbing available supply.

Most institutional holders are expected to stake their holdings for additional yield. This could boost the entry queue in coming weeks despite current low levels.

Ethereum investment products attracted $646 million in inflows last week, showing continued institutional appetite. This capital flow helps offset potential selling pressure from unstaking validators.

Analysts expect ETH staking ETFs could receive approval as early as October 2025. BlackRock’s ETH staking ETF application has its next deadline in October, with approval potentially coming sooner than the April 2026 final deadline.

Some investors may be freeing up liquidity to enter these products later, effectively reshuffling exposure without exiting the ETH market entirely.

The sharp increase in strategic reserves and ETF holdings underscores a swift influx of Ether supply into the hands of major institutional and corporate players, which may boost the entry queue in the coming weeks.

Ethereum’s exit queue reached 2.6 million ETH worth $12 billion last week, with validators waiting 44 days to unstake their holdings.

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