Ether has dropped below $4,300 following a struggle to maintain momentum above $4,700, compounded by a $338 million liquidation of futures positions. Analysts view the $4,300 level as critical support, but September's historical weakness raises concerns about a potential 10% decline. The market has seen declining open interest and negative funding rates, indicating a flush of long positions, although this could pave the way for a rebound if demand returns. Historically, Ether exhibits negative performance in September, with a median return of -12.55%. Futures positioning suggests retail traders are reducing their long exposure. Currently, market participants are eyeing support around $4,180, but if this fails, prices could move towards the $3,900-$3,700 range. A breakdown below this zone might challenge the sustainability of Ether's bullish phase, with significant implications for its long-term outlook.

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