Ethereum Liquidations Top $74 Million as $2,450 Support Faces Renewed Test

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Ethereum faced approximately $74 million in liquidations on September 15 as its price retreated from near $2,600 to around $2,483, returning to the $2,450 support zone. The single-hour liquidation wave totaled roughly $109 million across the crypto market, with Bitcoin accounting for only $21.6 million. Technical indicators show oversold conditions on short-term charts, though MACD remains negative. The episode coincides with a divergence in institutional ETF flows: spot Bitcoin funds lost $462.7 million last week while Ethereum ETFs attracted $196.9 million, led by BlackRock’s iShares Ethereum Trust. Analysts note that sustained rotation would require multiple weeks of confirming flow data, while ETH must reclaim $2,550 to reopen a path toward $3,000.

Key Elements

Ethereum’s volatile swings near the $2,500 to $2,600 range triggered a wave of forced position closures on September 15, with roughly $74.05 million in ETH long positions wiped out within a single hour. The second-largest cryptocurrency by market capitalization was trading near $2,483 after declining 1.47% over the prior 24 hours

The session saw ETH briefly approach $2,600 before sellers stepped in and pushed the asset back into the consolidation zone that has defined its trajectory for several days. Total liquidations across the broader crypto market reached approximately $109 million in the same window, with Bitcoin accounting for a distant $21.6 million—underscoring how concentrated the volatility was in Ethereum markets.

Large liquidation cascades often accelerate downward price moves as leveraged positions unwind in rapid succession. For traders, the episode reinforces the importance of waiting for confirmed signals around key technical levels rather than reacting to every intraday swing.

Support and Resistance in Focus

ETH’s price remains locked within a short-term trading range after yet another failed attempt to break past its upper resistance. The asset met selling pressure at the upper band and reversed course, redirecting market attention to the $2,450 to $2,480 support zone that has historically attracted buyers.

Technical analyst Eliz noted that ETH filled a recent long trigger and reached its initial profit objective before the market rotated lower. The chart suggests the next major move could hinge on how price behaves around the $2,465 to $2,480 area, which may determine whether buyers are willing to mount another advance.

On the weekly timeframe, $2,550 has repeatedly rejected attempts to close above it, cementing its status as a critical psychological and technical barrier. Analyst Ted Pillows continues to flag this level as the key threshold. Should Ethereum reclaim and hold above $2,550, the path toward $3,000 could reopen. Conversely, sustained weakness could bring lower zones into play, with notable support seen around $2,185 and a possible deeper retreat toward $1,965.

Short-term charts highlight additional levels guiding market structure. An important demand region lies around $2,440 to $2,460, with $2,454 singled out as a level requiring defense by buyers if further declines are to be avoided. On the upside, resistance is strong at $2,580 to $2,592, with another band near $2,610. A decisive bullish shift in the near term would require clearing the $2,592 to $2,610 zone.

Oversold Conditions Emerge

Momentum has weakened following the downturn from the $2,590 to $2,600 range. On the 30-minute chart, ETH slipped to around $2,480 as several technical indicators approached territory commonly viewed as oversold. The Relative Strength Index dropped to 33, nearing its typical lower boundary of 30, while the Stochastic oscillator also fell deeply, suggesting sellers are near exhaustion.

Despite these readings, the Moving Average Convergence Divergence remains negative, leaving the directional bias pointed lower for now. If ETH stabilizes near the $2,450 to $2,480 support, a relief bounce may develop, but buyers would need to recover lost ground for any sustainable reversal.

Institutional Flows Show Divergence

The liquidation event coincides with a notable divergence in institutional capital flows. Spot Bitcoin ETFs in the United States experienced net outflows of $462.7 million during the week ending September 11, breaking a three-week positive streak. Ethereum ETFs, by contrast, attracted $196.9 million in net inflows during the same period.

BlackRock’s iShares Ethereum Trust ETF dominated Friday’s session, capturing $148.8 million in fresh capital, while the 21Shares Core Ethereum ETF secured an additional $29.1 million. On the Bitcoin side, the ARK 21Shares Bitcoin ETF experienced the heaviest redemptions at $234.2 million, followed by Grayscale’s Bitcoin Trust ETF with $129.1 million in withdrawals. BlackRock’s iShares Bitcoin Trust ETF saw $52.5 million exit, while Fidelity’s Wise Origin Bitcoin Fund registered $50.7 million in outflows.

Note: Bitcoin ETF figures reflect weekly net outflows for the period ending September 11, 2026. Ethereum ETF figures reflect Friday inflows only.

Despite the recent reversal, Bitcoin ETFs maintain a positive trajectory for September, with approximately $307.3 million in cumulative net inflows for the month.

The ETH/BTC trading pair has surged over 25% this quarter, representing its most impressive quarterly advancement since Q3 2025. Ethereum’s quarter-to-date return on investment is closing in on 60%, narrowly trailing its all-time Q3 benchmark of over 66% established the previous year. Ethereum’s share of total cryptocurrency market capitalization has also expanded by over 25% on a quarter-over-quarter comparison, while Bitcoin’s dominance increased by a modest 1.5% during the identical timeframe.

Market observers caution that a single week of divergent ETF activity might simply represent routine portfolio rebalancing or strategic profit-taking rather than a fundamental shift in institutional allocation. Multiple consecutive trading sessions showing Ethereum inflows paired with Bitcoin outflows would be necessary to validate an authentic capital rotation.

For now, Ethereum’s battle is defined by the support between $2,450 and $2,480 and resistance at $2,550 to $2,592. A sustained move above resistance would brighten the outlook, but any breach of lower support could trigger further losses toward $2,185 or lower.

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Source: finance.biggo.com