On Sep. 10, the price of Ethereum hovered around $2,468 as buyers tried to defend the lower part of a range that had been in place for several weeks, but repeated failures over $2,500 left the outlook short-term uncertain.
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- Ethereum’s price was around $2.468. It fluctuated from $2.455 to $2.485 throughout the trading session.
- Support is immediately found at 2,460 dollars and resistance ranges between $2,508 and $2,500.
- The weekly close could be above $2.550 and lead you to $2.656 or $2.812.
- If either of these levels breaks, the volatility could be increased by liquidation clusters around $2,440 or $2,490.
Ethereum Price Action Today
According to crypto.news data, Ethereum (ETHPrice traded at $2.468 as of this writing, having briefly fallen to $2.455. The token was still below the psychological level of $2,500, which has been limiting recovery efforts since late August.
The daily chart shows ETH in a tight range following its explosive August rise from under $1,900. Since then, the price has struggled to continue this rally. Sellers appear each time that it approaches $2,500.
Ethereum’s most recent daily candle began at $2.468.14, rose to a maximum of $2.484.76 then fell down as low $2.455.17. The limited trading range indicated that neither sellers nor buyers had established control of the session.
The overall structure of the market is stronger today than it was in August. ETH has now tested the 8/8 Murray Math at $2,500. This level is an important dividing point between continued consolidation or another upward movement.
Four-hour indicators reveal weak purchasing pressure
Ethereum is trading below the middle Bollinger Bands line of $2,484.18 on the 4-hour chart. Upper band at $2.50787 and lower band near $2.460.49.
The price sitting near the lower band indicated that there was still short-term pressure to sell. A close below $2,460 could push ETH toward the recent intraday low near $2,445, while a recovery above the middle band would return attention to the $2,500–$2,508 resistance zone.
The Chaikin money flow reading was close to zero and showed no net capital inflow on the four-hour timeframe. The neutral reading matched ETH’s sideways pricing structure. ETH moved between resistance and support without any strong follow up.
The average daily Directional Index was 50.56. ADX above 25 indicates that a trend is strong, although the ADX does not indicate its direction. This reading is a reflection of Ethereum’s larger trend that started in August. However, price has been consolidating under resistance.
The Liquidation Map places ETH in two different liquidity zones
CoinGlass’ 24-hour Ethereum liquidity heatmap revealed large concentrations in both directions of the price.
Around $2,440 was the location of the nearest large liquidity cluster. Other concentrations could be seen between $2,400 to $2,430. If the price breaks below $2.440, leveraged long positions may be forced to close. They could also accelerate their move down towards these lower bands.
The largest liquidation clusters above the market were seen around $2.490 as well as between $2.520 and $2.535. Also, liquidity could be seen near $2.550.
Short liquidations could be triggered by a rebound above $2,490, which would then pull Ethereum towards $2,520. The number of bands of liquidity on either side of the price increases the likelihood of sudden moves in the range until ETH finds a direction.
Bollinger bands on 4-hour timeframes also support the technical short-term boundaries. Both charts place Ethereum between support around $2,440–$2,460 and resistance beginning near $2,490.
Analysts identify the $2.550 level as a breakthrough level
Daan Crypto Trades is a crypto trader. said Ethereum was in a much tighter trading range than Bitcoin and sat on the support of $2,460. The analyst said that bulls and bears were both in a neutral position as long as they stayed within their respective ranges.
Daan also said that the break of ranges could cause traders on the other side to liquidate heavily. This is supported by the heatmap, which shows that leveraged positions are concentrated above and below Ethereum’s current price.
Ted Pillows of Ted Pillows Associates identified a range that was larger between $2450 and $2550. He stated that Ethereum needed a close of the week above $2,550 in order to start another upward movement.
Murray Math’s next target is $2,656.25 if a confirmed move over $2,550. Additional gains can expose $2.812,50. The daily chart shows $2.968.75.
A sustained breakdown below $2450 begins the bearish scenario. Next major level is $2,343.75, then pivot support at around $2187.50. Ted’s chart for the week also shows support at $2,215 in case of a breakdown.
US macro conditions can determine range breaks
Ethereum’s compressed range comes ahead of the Federal Reserve’s Sep. 15–16 policy meeting. US interest rate expectations are important to ETH, as higher yields may reduce the demand for risky assets that do not pay a return. A softer outlook on policy can also support speculative market.
Ethereum’s price may be sensitive to the US dollar, Treasury yields or other changes until more clarity is provided by the Fed. The derivatives position could increase the response because the large clusters of liquidation are close to the price.
Technically, the decision is made immediately. Holding $2,440–$2,460 would preserve the range and allow another test of $2,500. Ethereum requires a close of the week above $2.550 in order to confirm a stronger upward momentum. A loss below $2.440 will shift focus towards $2.344 or $2.215.
Disclosure: The article is not intended to be investment advice. All content on this site is for educational use only.
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Source: crypto.news
