6 Reasons Ethereum Price Fell Below IDR67 Million: From Global Pressure to Technical
Jakarta, Pintu News â The price of Ethereum has fallen below the psychological level of $4,000 (around Rp67 million, at an exchange rate of USD1 = Rp16,763) for the first time since early August 2025. The drop was caused by a complex combination of macroeconomic factors, market sentiment, and increasingly depressed on-chain conditions.
Here are the 6 main factors that analysts from NewsBTC and CryptoQuant identified as being the main cause of ETHâs massive sell-off.
1. Strong US Dollar and Cautious Fed Stance
The first macro factor weighing on ETH is the strengthening US dollar and the Federal Reserveâs (Fed) cautious stance despite cutting interest rates in September. The strong dollar suppressed interest in risky assets, including crypto.
In addition, rising US bond yields, as well as fears of a potential US government shutdown, made investors withdraw from the crypto market, amplifying the selling pressure against ETH.
Also Read: 5 Big Impacts of US Crypto Regulation: Novogratz Predicts Market Cycles Will Change Forever
2. Leverage Liquidation and Massive Margin Calls
On September 22, there was a liquidation of more than $500 million of long ETH positions in just 24 hours. This reflected the dissolution of large leverage accumulated since the second quarter of 2025.
According to reports, Ethereum whales were even forced to sell $45 million worth of assets, accelerating the price collapse and exacerbating liquidity pressures in the derivatives market.
3. Low Volume and Thin Order Book
The sell-off was exacerbated by low weekend trading volumes and thin order books, which caused price movements to be more volatile than usual. The lack of liquidity in the spot market makes prices more easily shaken by large transactions.
In addition, institutional investors are rumored to be redeeming OTC (Over-the-Counter) to reduce exposure to ETH post the Fed meeting.
4. Technical Resistance Failed to Break, Support Collapses
On the technical side, ETH failed to break through the strong resistance zone at $4,500 â $4,600, which is a psychological wall for further rallies. On the downside, failure to maintain the support level at $4,200 made the price immediately lose momentum.
As a result, sentiment turned bearish, and many traders started closing their positions while waiting for more convincing recovery signals.
5. Regulatory Uncertainty and Outflows from ETH ETFs
Uncertainty around crypto regulation, especially in the US and EU â regarding MiCA regulation â has also depressed investor confidence. Ethereum ETF funds recorded outflows of $76 million, signaling that institutional sentiment towards ETH is weakening.
When ETF instruments show reduced exposure, the market usually interprets it as a signal that smart money is waiting on the sidelines.
6. Decrease in Staking and Increase in Exit Queue Validators
Ethereumâs internal factors cannot be ignored either. Reports show that the number of validators exiting staking has increased, while staking inflows have decreased. This led to increased selling pressure due to reduced organic demand support from within the network.
Arab Chain analysts mentioned that while this is not a signal of âstructural failureâ in the long term, volatility is likely to remain high until there is a restoration of liquidity and more solid regulatory clarity.
Will ETH Recover?
Although ETH is currently under technical and macro pressure, some analysts remain optimistic. ETH open interest on CME continues to rise, and some predictions are that ETH could be on its way to $5,000 to $6,800 by the end of 2025.
Even analysts like Ted Pillows project that with the increase in global money supply(M2), ETH could reach $20,000 in the long run-depending on liquidity recovery and the narrative of blockchain technology adoption.
Conclusion
Ethereumâs correction below $4,000 is not just a short-term market reaction, but the result of multi-dimensional pressures: macro, technical, leveraged, and on-chain. While the long-term outlook is still promising, investors are advised to remain vigilant until there are clearer signs of reversal, whether in terms of regulation, liquidity, or network support.
Also Read: 7 Astonishing Facts: Number of Crypto Billionaires to Rise 40% by 2025, Who Benefits?
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This content aims to enrich readersâ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an assetâs past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Ash Tiwari / NewsBTC. Ethereum Drops Below $4,000 â Analyst Points To 6 Factors Fueling The Selloff. Accessed September 26, 2025
