Highlights: Ethereum is consolidating between $4000 and $3800 Consolidation is a sign of caution ahead of $21 billion options expiry  Macro factors are also pushing investors to take a cautious approach to Ether  Ethereum (ETH), like the rest of the cryptocurrency market, is in the red today. When writing, Ethereum was trading at $3902.7, down by 2.73% in the day. A significant spike has also followed Ethereum’s correction in trading volumes. In the day, Ethereum trading volumes have shot up by 33.43% to stand at $61.84 billion.  Ethereum’s rising trading volumes alongside a falling price are a bearish signal. They indicate that more holders are selling their Ether in anticipation of a further price correction in the short to medium term. Ethereum’s price correction in the last 24 hours is not a random event but a confluence of marketwide trading dynamics.  Ethereum Investors Cautious Ahead of $21 Billion Options Expiry One of these dynamics is the Bitcoin and Ethereum options that are set to expire today. The expiring options are worth $21 billion and are expected to cause a lot of volatility in the market. Considering this is happening in a week when the market has been broadly weak, investors are staying away from Ethereum until the volatility passes. As such, Ethereum could remain bearish going into the weekend.  Options Expiry Alert $21 billion in BTC and ETH options expire today. $16 billion worth of BTC options with a max pain at $110,000 expire today. $5 billion worth of ETH option with a max pain at $3,700 expire today. pic.twitter.com/UZdwQzDS8E — Cas Abbé (@cas_abbe) September 26, 2025 To add to the weakness ahead of the options expiry is the fact that Ethereum technical indicators are currently bearish. One such indicator is the fear and greed index, which sits at 27. This is a sign of strong fear, and such a reading was last recorded in April at the height of the tariff tensions between the US and the rest of the world. This and the fact that Ethereum recently lost the critical $4000 support level have given impetus to short sellers. A combination of options volatility and short selling keeps Ethereum weak and could also lower the price in the short term. Ethereum Fear and Greed Index is 27 – FearCurrent price: $3,893 pic.twitter.com/Dk8QE4P4uA — Ethereum Fear and Greed Index (@EthereumFear) September 26, 2025 Reduced Chance of Another Rate Cut In 2025 Could Weigh Down On Ether Ethereum is under heavy pressure from the macro environment. While the Federal Reserve has cut interest rates by 0.25 basis points, optimism has yet to return to the cryptocurrency market. Equities have also been showing weakness in the last couple of days. This is due to the Fed Chairman’s recent remarks that assets are overvalued and the release of stronger-than-expected US economic data. FED Chair Jerome Powell admitted on Tuesday that equity prices are “fairly highly valued!”– Interesting hashing of words, “fairly highly valued” is in fact "the most overvalued ever." pic.twitter.com/o2sC9Ij5wK — BraVoCycles Newsletter (@BraVoCycles) September 25, 2025 The Fed’s chairman’s statement could mean that assets must start cooling down to more sustainable levels. At the same time, strong economic data reduces the odds of another rate cut in 2025. This means, despite the recent cut, overall rates could remain elevated, which is not good for risk-on assets like Ethereum. That’s because such assets tend to perform best when rates are low or being aggressively cut.  Upcoming Network Upgrade Could Push Ethereum Higher Soon However, despite all indicators pointing to weakness, Ethereum has strong odds for value growth going into the future. One of the factors that is likely to push Ethereum higher is the upcoming Fusaka upgrade. The upgrade is expected to be completed in early December. As this upgrade approaches, investors expecting a pump could start pushing money into Ethereum. This could trigger a surge in the value of Ethereum from current levels, and potentially see it make new highs within the year. It's confirmed 60M Gas Limit is coming with Fusaka on December 3rd. pic.twitter.com/u3hHr2pIvW — Jrag.eth (@Jrag0x) September 26, 2025 Technical Analysis – Ether In A Multi-Day Consolidation Ethereum continues consolidating between the $4000 resistance and $3838.0 support. If bulls take control and push Ethereum through the $4000 resistance, a rally to $4197.6 could follow in the short term. Source: TradingView On the other hand, if bears take control and push Ethereum through the $3838.0 support, then a correction to the $3500 support level could follow. eToro Platform Best Crypto Exchange Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users 9.9 Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Highlights: Ethereum is consolidating between $4000 and $3800 Consolidation is a sign of caution ahead of $21 billion options expiry  Macro factors are also pushing investors to take a cautious approach to Ether  Ethereum (ETH), like the rest of the cryptocurrency market, is in the red today. When writing, Ethereum was trading at $3902.7, down by 2.73% in the day. A significant spike has also followed Ethereum’s correction in trading volumes. In the day, Ethereum trading volumes have shot up by 33.43% to stand at $61.84 billion.  Ethereum’s rising trading volumes alongside a falling price are a bearish signal. They indicate that more holders are selling their Ether in anticipation of a further price correction in the short to medium term. Ethereum’s price correction in the last 24 hours is not a random event but a confluence of marketwide trading dynamics.  Ethereum Investors Cautious Ahead of $21 Billion Options Expiry One of these dynamics is the Bitcoin and Ethereum options that are set to expire today. The expiring options are worth $21 billion and are expected to cause a lot of volatility in the market. Considering this is happening in a week when the market has been broadly weak, investors are staying away from Ethereum until the volatility passes. As such, Ethereum could remain bearish going into the weekend.  Options Expiry Alert $21 billion in BTC and ETH options expire today. $16 billion worth of BTC options with a max pain at $110,000 expire today. $5 billion worth of ETH option with a max pain at $3,700 expire today. pic.twitter.com/UZdwQzDS8E — Cas Abbé (@cas_abbe) September 26, 2025 To add to the weakness ahead of the options expiry is the fact that Ethereum technical indicators are currently bearish. One such indicator is the fear and greed index, which sits at 27. This is a sign of strong fear, and such a reading was last recorded in April at the height of the tariff tensions between the US and the rest of the world. This and the fact that Ethereum recently lost the critical $4000 support level have given impetus to short sellers. A combination of options volatility and short selling keeps Ethereum weak and could also lower the price in the short term. Ethereum Fear and Greed Index is 27 – FearCurrent price: $3,893 pic.twitter.com/Dk8QE4P4uA — Ethereum Fear and Greed Index (@EthereumFear) September 26, 2025 Reduced Chance of Another Rate Cut In 2025 Could Weigh Down On Ether Ethereum is under heavy pressure from the macro environment. While the Federal Reserve has cut interest rates by 0.25 basis points, optimism has yet to return to the cryptocurrency market. Equities have also been showing weakness in the last couple of days. This is due to the Fed Chairman’s recent remarks that assets are overvalued and the release of stronger-than-expected US economic data. FED Chair Jerome Powell admitted on Tuesday that equity prices are “fairly highly valued!”– Interesting hashing of words, “fairly highly valued” is in fact "the most overvalued ever." pic.twitter.com/o2sC9Ij5wK — BraVoCycles Newsletter (@BraVoCycles) September 25, 2025 The Fed’s chairman’s statement could mean that assets must start cooling down to more sustainable levels. At the same time, strong economic data reduces the odds of another rate cut in 2025. This means, despite the recent cut, overall rates could remain elevated, which is not good for risk-on assets like Ethereum. That’s because such assets tend to perform best when rates are low or being aggressively cut.  Upcoming Network Upgrade Could Push Ethereum Higher Soon However, despite all indicators pointing to weakness, Ethereum has strong odds for value growth going into the future. One of the factors that is likely to push Ethereum higher is the upcoming Fusaka upgrade. The upgrade is expected to be completed in early December. As this upgrade approaches, investors expecting a pump could start pushing money into Ethereum. This could trigger a surge in the value of Ethereum from current levels, and potentially see it make new highs within the year. It's confirmed 60M Gas Limit is coming with Fusaka on December 3rd. pic.twitter.com/u3hHr2pIvW — Jrag.eth (@Jrag0x) September 26, 2025 Technical Analysis – Ether In A Multi-Day Consolidation Ethereum continues consolidating between the $4000 resistance and $3838.0 support. If bulls take control and push Ethereum through the $4000 resistance, a rally to $4197.6 could follow in the short term. Source: TradingView On the other hand, if bears take control and push Ethereum through the $3838.0 support, then a correction to the $3500 support level could follow. eToro Platform Best Crypto Exchange Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users 9.9 Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.