Ethereum briefly rebounded to around $2,457 on September 11, breaking away from its previous low of nearly $2,400, but the selling pressure above $2,500 has not significantly eased. The current trend is still within a narrow range of $2,400 to $2,530, and the short-term direction is not yet clear.
Resistance above $2,500 remains.
From the intraday performance, ETH opened at around $2438, with a high during the session reaching $2485, representing a daily increase of about 0.8%. However, the range between $2490 and $2530 has repeatedly suppressed rebounds, and buying pressure has not yet managed to push the price to a higher level.
Since a rapid rally from below $2,000 in August, Ethereum has been consolidating between $2,400 and $2,530 for most of the time. On September 10th, the price tested the lower edge of this range again, before returning above $2,450, indicating that there is still support around $2,400.
Around $2,400 remains the main support level.
Technically, on the daily chart, the middle band of the Bollinger Bands is at $2464.93, the upper band is around $2530.38, and the lower band is about $2399.48. If the price reclaims the middle band, the market will test the resistance around $2530 again; if the daily chart breaks below $2400, the current consolidation range may be broken.
On a 4-hour time frame, the Supertrend indicator remains on the high side, with a dynamic support level around $2423.40. As long as the price stays above this level, the short-term structural recovery has not been disrupted. In contrast, the daily RSI indicator is at 59.28, which is still above the neutral line of 50, but it has cooled down compared to before, indicating that the upward momentum is not as strong as in August.
The liquidation-intensive areas are concentrated between 2490 and 2530.
The three-day liquidation heat map for CoinGlass shows that there are a significant number of leveraged positions on both sides of the current price. The larger liquidation concentration areas are at $2490, as well as between $2525 and $2540. If ETH breaks through $2500 again, short covering could push prices closer to the $2530 liquidity zone.
Below, there is a clear clearing concentration zone around $2390 to $2405. If the price falls below the 4-hour support level around $2423, the market may once again drop to the $2400 range, increasing the clearing pressure on bullish positions.
In addition, there are also smaller areas of liquidity around $2440 and $2470, which means that before a real breakthrough, the price of ETH may still fluctuate repeatedly within the current range.
ETF Capital flows and U.S. data draw attention
Fundamentally, there has been a continuous outflow of spot Ethereum in the United States ( ETF ), which has weakened some institutional demand. At the same time, due to the strong stickiness of inflation in the US, market expectations for high interest rates have also suppressed the performance of risk assets. For some funds, the relatively high yields on US Treasury bonds remain attractive.
Changes on the supply side have also drawn attention. After upgrades such as Dencun, the transaction fees on the chain decreased, and as a result, the volume of ETH destroyed also reduced. Part of the logic that previously supported its deflationary narrative has weakened.
Analysts generally regard $2,400 as the current key support level. If this level is maintained, ETH still has a chance to continue to challenge the resistance range of $2,500 to $2,530; if it is lost, market attention may shift to lower support levels. In the short term, U.S. inflation data, interest rate expectations, and the flow of funds towards ETF will still be important variables in determining whether a breakthrough can be achieved.
