Ethereum price holds $2,400 as RSI stays bearish

Ethereum price recovered above $2,400 on Sept. 3 after falling to $2,370, but weakening short-term momentum and nearby liquidation clusters leave the breakout vulnerable.

According to data from crypto.news, Ethereum ($ETH) price traded around $2,408 at the time of writing, up 0.66% during the current daily session after opening near $2,392. The token moved between an intraday low of $2,370 and a high of $2,419.

The rebound returned $ETH above the closely watched $2,400 level, but the token remains below the $2,438 Fibonacci retracement area and the $2,500–$2,550 resistance zone. Sellers have repeatedly defended the upper region since Ethereum’s late-August rally stalled near $2,550.

Wider risk sentiment also remains fragile. Renewed fighting between the United States and Iran pushed Brent crude to a six-week high of $97.39 on Sept. 3 raising concerns that higher energy costs could keep inflation elevated

Markets are also preparing for the Federal Reserve’s Sept. 16 decision. Rate expectations have shifted rapidly, with prediction market Kalshi placing the probability of a 25-basis-point increase at 53% at the time of writing. A rate increase would raise the relative appeal of yield-bearing assets and could pressure cryptocurrencies and other risk assets.

Ethereum price loses short-term momentum

The 4-hour chart shows that Ethereum has started forming lower highs after its late-August advance. $ETH currently trades below the Bollinger Bands’ middle line at $2,429.79, which acts as the first short-term resistance.

The upper Bollinger Band sits at $2,493.27, placing it near the lower edge of the wider $2,500–$2,550 supply zone. A 4-hour close above the midpoint could allow $ETH to retest that resistance, while a break through the upper band would strengthen the case for another move toward $2,550.

Momentum has not yet supported that outcome. The 4-hour relative strength index stands at 43.86, below the neutral 50 level. Its signal average is lower at 41.48, showing a small recovery in momentum but no clear bullish reversal.

The lower Bollinger Band at $2,366.32 closely matches the session low and provides the nearest technical support. Losing that line would put $2,350 in focus, followed by the breakout region around $2,200.

Daily Ethereum chart retains its bullish structure

Ethereum’s daily structure remains stronger than its 4-hour setup. $ETH continues to trade well above its 50-day simple moving average at $2,064.47 and its 200-day average at $2,031.85.

The 50-day average has also moved above the 200-day line, forming a bullish crossover. Such a crossover indicates that medium-term price momentum has improved relative to Ethereum’s longer-term trend, although it does not prevent a short-term correction.

Chaikin Money Flow supports the wider bullish structure. The indicator stands at 0.22, showing that buying pressure has remained stronger than selling pressure during the measured period. However, CMF has flattened after rising sharply during the August breakout, suggesting that capital inflows are no longer accelerating.

Crypto trader Daan Crypto Trades identified $2,400 as the key level separating a normal breakout retest from a deeper reversal. According to the analyst, a failure to hold the zone would send $ETH back into its previous range and weaken the recent breakout structure.

Ted Pillows placed the next downside trigger slightly lower. The analyst said a weekly close below $2,350 could open the path toward $2,200, while resistance remains concentrated around $2,540 and $2,800.

$ETH liquidation map shows pressure on both sides

CoinGlass’ one-week Ethereum liquidation heatmap shows leveraged positions accumulating immediately above and below the current price.

The closest large downside cluster appears around $2,350–$2,360. A move into that area could liquidate leveraged long positions, adding forced selling and increasing the risk of a brief drop below support.

Liquidity has also gathered around $2,430–$2,450, creating a nearby target if buyers hold $2,400. A move through that range could force short traders to close positions and help accelerate a rebound toward $2,500.

The largest visible liquidation concentration sits much higher, around $2,535–$2,550. That cluster overlaps with Ethereum’s recent price peak and the resistance cited by analysts, making it the main upside target if $ETH regains momentum.

Liquidation heatmaps show where leveraged positions may face pressure, but they do not guarantee that price will reach those levels. New positions and closed trades can also change the size of each cluster over time.

Can Ethereum price hold above $2,400?

Ethereum needs a daily close above $2,400 and a move through the 4-hour Bollinger midpoint at $2,430 to stabilize its short-term structure. Reclaiming $2,450 would shift attention toward $2,493 and the heavier resistance between $2,500 and $2,550.

Failure to hold $2,400 would return focus to the lower Bollinger Band near $2,366. A decisive close below $2,350 would weaken the August breakout and could expose $2,200, where the previous consolidation range and technical support converge.

The daily moving averages and positive CMF still favor the broader recovery, but the 4-hour chart shows that sellers retain control of short-term momentum. Ethereum therefore remains at a decision point, with $2,350–$2,400 serving as support and $2,430–$2,550 forming the main recovery barrier.

Source: cryptonews.net