Ethereum Faces Semi-Bullish Stalemate as Spot and Perps Weaken on Binance

Ethereum’s (ETH) trading activity on Binance has slowed significantly this September, with both spot and perpetual markets showing signs of weakness.

Market Calm with Lingering Uncertainty

Data from CryptoQuant shows the Z-Score index hovering between 0.0 and -1.0, suggesting a slight tilt toward spot market dominance. Perpetual contract volumes have steadily declined, reflecting reduced leveraged trading and a pullback from speculative positions.

At the same time, spot volumes have remained muted, consistently below the 500,000–1 million range, well below peaks seen in June and July. The combination of lower spot activity and fading perpetual demand indicates limited investor conviction, leaving ETH in a semi-bullish range with mild fluctuations rather than a strong trend.

What Could Drive the Next Move

Analysts suggest Ethereum’s near-term trajectory will depend on the $5,000 level, a key psychological and technical marker. A decisive breakout above this threshold could fuel a rally toward $5,800–$6,000 by the end of the year. Conversely, failure to reclaim this level may see ETH drifting sideways through December, as traders await clearer market signals.

Overall, while the absence of extreme imbalances reduces the risk of abrupt corrections, the lack of strong buying or speculative momentum points to potential short-term stagnation in Ethereum’s price action.