Ethereum Price Skyrockets 8% in 24 Hours—Is a Major Breakout on the Horizon?

Ethereum price today slipped to $4,338, marking a 3.2 % drop in the last 24 hours as traders weighed lighter trading volumes after the U.S. Federal Reserve’s surprise September rate cut. Despite the pullback, intraday lows around $4,300 quickly attracted dip-buyers; on-chain data show mining giant BitMine added another $84 million worth of ETH, lifting its treasury above 2.15 million coins. Short-term technical picture • Support cluster: $4,300–$4,395 (200-day EMA and April breakout zone) • Immediate resistance: $4,450 (psychological) and $4,510; extended ceiling at $4,665 • Daily RSI has reset to 48, suggesting neutral momentum after last week’s overbought reading. Macro catalysts to watch 1. Spot-ETH ETF decision window closes next month; analysts attribute recent outflows to “buy-the-rumor, sell-the-news” positioning. 2. October’s X (formerly Twitter) “firehose” integration of embedded Ethereum wallets could expand retail exposure. 3. Shanghai + Cancun hard-fork upgrade (EIP-7702) slated for November aims to cut L2 transaction costs by 30 %, a potential tailwind for network activity. Market sentiment and forecasts Arthur Hayes reiterated his year-end $6,000 target, arguing that Ethereum remains “the Lindy layer for on-chain finance,” even amid ETF-related volatility. Meanwhile, consensus sell-side projections cluster around $4,000-$4,500 for 2025, implying limited downside but headwinds to a new all-time high. Trading strategy snapshot • Bulls may look for confirmation of a higher low above $4,300 to reload toward $4,665 and, by extension, the psychologically important $5,000 mark. • Bears eye a close below $4,300; failure could open a swift correction toward $3,800, the 50-week moving average. • Options market shows 0.92 put-call ratio for October expiries, reflecting balanced but cautious sentiment. Bottom line Ethereum’s slide below $4,400 is more a function of macro cross-currents than deteriorating fundamentals. With whale accumulation accelerating, upgrades on deck, and ETF speculation far from over, the next decisive move likely hinges on whether bulls can reclaim—and hold—the $4,500 pivot in the days ahead.