Ethereum declined by about 2% over the past day, trading close to $2,480 on September 15, and is now facing the possibility of breaking below $2,400 if selling pressure persists.
Failed attempts at $2,500 support
Recent CoinGecko data shows that the latest move down followed a sharp rejection from an intraday high near $2,606. Ethereum has struggled to establish $2,500 as support, repeatedly pushing above the level but encountering selling activity between approximately $2,535 and $2,600. Each attempt has resulted in a pullback, leaving buyers unable to sustain momentum above this critical zone.
Adding to the market uncertainty, traders are closely watching the Federal Reserve’s upcoming interest rate decision on September 16. Market expectations have tilted strongly toward tighter monetary policy, with the likelihood of a rate hike estimated above 80%. This has pushed many investors to reduce their exposure to risk assets, and the uncertainty coincides with Ethereum’s recent rally over the previous weeks.
Despite the price drop, institutional interest remains steady. US spot Ether exchange-traded funds registered approximately $216.4 million in net inflows on September 11, with $148.8 million flowing into BlackRock’s ETHA ETF. Across five trading sessions through September 11, exchange-traded products attracted around $222.8 million in net inflows, and an additional $121 million was logged in the latest session.
Those inflows have yet to absorb the persistent selling between $2,535 and $2,600, with buyers recently pushing ETH from below $2,500 to $2,606 before renewed selling sent it back toward $2,480.
On the derivatives side, CoinGlass data shows Ether futures open interest at roughly $32.6 billion. Leverage has been accumulating around the support areas, with notable concentrations of long positions at $2,466 and $2,391. A move below $2,460 could spark significant long liquidations, potentially accelerating the next round of volatility.
Mini dictionary: Open interest, the total value of outstanding derivative contracts such as futures that have not been settled. High open interest can signal increased trading activity and possible market volatility during sharp price movements.
Key support and resistance levels
On the daily chart, ETH is hovering near $2,480 after failing to maintain its upward move above $2,600. The price remains above the Supertrend indicator, currently set near $2,242, signaling that the broader daily uptrend structure is still in place despite the recent setback.
If Ethereum falls below $2,400, the next support level stands near $2,300, just ahead of the Supertrend. The Supertrend indicator has held below price action since the recovery from August’s lows, acting as a guide for the overall trend.
| Price Level | Significance |
|---|---|
| $2,600 | Repeated supply zone; recent high before rejections |
| $2,500 | Key support level, frequently tested |
| $2,460 | Critical area for liquidations |
| $2,400 | Next risk area if $2,460 breaks |
| $2,300 | Potential support if current levels fail |
| $2,242 | Supertrend support on the daily timeframe |
Money flow, however, has deteriorated faster than price. The daily Chaikin Money Flow (CMF) now stands near -0.13, indicating selling volume outpaces buying volume. ETH’s continued inability to hold above $2,500 aligns with this weakening in buying power.
Price would need to reclaim $2,500 and secure a breakout above the $2,535-$2,600 zone for downside risks to diminish. If ETH regains $2,600, targets could shift back towards August highs around $2,700-$2,800.
Short-term momentum and technical signals
The 4-hour ETH/USDT chart highlights a drop below the multi-timeframe VWAP, which is near $2,520. VWAP (Volume Weighted Average Price) serves as an intraday guide for institutional traders and short-term participants. ETH’s failure to stay above this level confirms the pressure pushing price lower toward $2,460.
Mini dictionary: VWAP, or Volume Weighted Average Price, reflects the average price of an asset, weighted by volume, over a specific time frame and is commonly used to assess intraday market direction and institutional activity.
On the momentum side, the 4-hour Stochastic RSI continues to slide, with the faster line at 27.8 and the slower at 49.9. The crossover, with both lines trending down, suggests a loss of short-term bullish momentum since the recent rejection at $2,600.
A decisive break below $2,460 could bring $2,400 into range, which would likely trigger additional long liquidations around $2,391. Further selling, especially if intensified across major crypto exchanges, could open a path toward $2,300 support and eventually the daily Supertrend near $2,242.
Any price recovery would require ETH to reclaim the VWAP zone at $2,520, but the main challenge remains clearing resistance in the $2,535 to $2,600 range to reverse the recent pattern of failed breakouts.
