Ethereum's price outlook for Q4 is focused on the critical $4,500 support level, with potential for a rally to $4,700–$5,000 if bulls maintain momentum. Institutional staking has significantly reduced liquid supply, with approximately 1.3 million ETH queued for validation. Recent days have seen 857,000 to 890,000 ETH locked, tightening the market further. Additionally, ETF inflows have reached around $1.3 billion this month, primarily concentrated in Grayscale, adding to the bullish sentiment.