Ethereum traded near $2,460 on Sept. 1, stuck between $2,400 support and $2,500 resistance as momentum indicators flatten. Falling volume and a weakening MACD signal raise the risk of a pullback, even as US spot ETH ETFs keep pulling in fresh inflows.
Ethereum traded near $2,460 at press time on Sept. 1, little changed over 24 hours and down about 1% over the past week. The token had retreated from an Aug. 27 high near $2,564 after buyers failed to extend its late-August breakout.
Trading activity has cooled alongside the price. Ethereum's 24-hour volume fell about 21% to roughly $11.35 billion, pointing to lower participation as the price consolidates.
Momentum fades below $2,500
The daily chart shows Ethereum consolidating near the upper end of its advance from a June low of $1,515 to the August high of $2,565. ETH remains above the 78.6% Fibonacci retracement at $2,340, which now serves as the main higher-timeframe support.
However, the daily MACD line stands at 143.58, only slightly above the signal line at 143.46, with its histogram narrowed to almost zero. Bull-bear power remains positive at 151.75, but its bars have declined since the breakout as bullish pressure fades near $2,500.
Four-hour chart points to a range
Ethereum's 4-hour chart looks more neutral. ETH trades almost directly on the Bollinger Bands' middle line at $2,456.53, with the upper band at $2,497.62 marking resistance and the lower band at $2,415.44 aligning with the $2,400 support area.
The average directional index has fallen to 18.58 from above 60 following the rally, a reading below 20 that generally signals the market lacks a strong directional trend.
Crypto trader Daan Crypto Trades said ETH was trading in a tight area between its weekly moving averages and a horizontal price level. According to Daan Crypto Trades: "Pretty sure we'll see this move away from this area soon." The analyst flagged $2,400 and $2,500 as levels to watch on daily closes.
Liquidation clusters and ETF inflows offer counterweights
CoinGlass's one-week liquidation heatmap shows leveraged positions building on both sides of Ethereum's price. The largest overhead cluster sits between about $2,540 and $2,550, and a move there could force short positions to close. On the downside, clusters near $2,420 to $2,410 could trigger long liquidations if $2,400 breaks.
Demand through regulated ETF products remains a counterweight to the weak momentum. US spot Ethereum ETFs recorded $87.68 million in combined net inflows on Aug. 31, according to SoSoValue data. BlackRock's iShares Ethereum Trust led with about $59.94 million, while the Grayscale Ethereum Mini Trust added roughly $13.50 million.
Source: crypto.news
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