Jakarta, Pintu News – Ethereum price is showing signs of strengthening after the US Federal Reserve cut interest rates by 0.25% yesterday. More interestingly, the technical chart shows that Ethereum is forming a “cup and handle” pattern and is currently slightly below the breakout zone.
If this pattern is successfully confirmed, then the next potential upside target could be around $5,430. On the other hand, on-chain data shows that selling pressure against Ethereum has dropped to a six-month low.
This further strengthens the potential for a significant bullish breakout. Then, how is Ethereum’s current price movement?
On September 19, 2025, Ethereum was trading at approximately $4,569 (around IDR 75,591,409), marking a 1.19% dip over the past 24 hours. During this timeframe, ETH reached a low of IDR 75,472,917 and a high of IDR 76,715,879.
At the time of writing, Ethereum’s market capitalization sits at roughly IDR 9,186 trillion, while its 24-hour trading volume has dropped by 35%, down to IDR 458.81 trillion.
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The clearest indication of reduced selling pressure is seen from the “Spent Coins Age Band” metric . This metric tracks how many coins are leaving wallets and being sold on the blockchain. When the number decreases, it means that fewer asset holders are offloading their holdings.
On September 17, the total ETH that changed hands across all coin age categories stood at around 257,000 ETH. But as of September 18, that number had plummeted to just 42,700 ETH – a drop of nearly 83.5% and the lowest level in six months.
This sharp decline suggests that many Ethereum holders are choosing not to sell despite having the opportunity. This lack of supply pressure opens up opportunities for ETH prices to climb higher, especially if demand continues to rise.
The sharp decline in the spent coins metric is not isolated. Two other on-chain metrics – NUPL and exchange inflows/outflows – show the same trend.
NUPL(Net Unrealized Profit and Loss) measures how many wallets are currently in a profit or loss position on paper. On September 16, NUPL printed a local low. But since then, it has climbed back above $0.50 – almost matching the level on September 11. Back then, a similar pattern pushed Ethereum’s price up by almost 6%.
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A decrease in NUPL at higher prices indicates that fewer wallets are holding easy profits. This usually happens because short-term traders have already taken profits and exited, leaving long-term holders(strong hands) who are less likely to sell at every price increase.
This view is reinforced by data on net position changes on exchanges, which shows the movement of coins in or out of the trading platform. More coins entering the exchange usually signals selling pressure, while outflows indicate accumulation.
Since September 14, Ethereum outflows increased from around -147,600 ETH to -159,000 ETH, up 8%. This indicates that more ETH is being withdrawn from exchanges – a strong signal of steady buying pressure.
Overall, the trend suggests one consistent narrative:weak hands have exited, selling pressure continues to ease, and buyers are slowly taking over the market.
Ethereum has now broken out of the bullish cup and handle technical pattern.
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A breakout from the handle usually signals that selling pressure is beginning to ease, as short-term holders who previously sold on the way up have largely exited the market.
The neckline of this pattern is around $4,765. If the Ethereum price is able to close above this level, then the next breakout target is expected to be $5,430 – which would be a new high for the year.
Another supporting signal came from the Chaikin Money Flow (CMF) indicator, which tracks the inflow and outflow of funds from the market. The CMF has risen from -0.18 on September 15 and is now close to the zero line along with the breakout of the handle pattern.
If the CMF manages to enter into the positive zone, it will confirm that there is a new flow of funds coming into the market along with a breakout on the price chart.
The strong support levels are at $4,489 and $4,424. However, if Ethereum price drops below $4,213, then this bullish structure will be considered a failure, and buyers will likely have to wait for a new pattern to form before resuming buying.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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