Ethereum Holds Above $2,400 as Short‑Term Momentum Weakens

Ethereum (ETH) traded around $2,408 on Sept. 3, up 0.66% for the day after opening near $2,392. The token moved between a low of $2,370 and a high of $2,419, reclaiming the $2,400 level but remaining below key resistance zones.

Technical picture on the 4‑hour chart

The 4‑hour relative strength index (RSI) sits at 43.86, below the neutral 50 mark, indicating bearish short‑term momentum. ETH is trading below the Bollinger Bands’ midpoint at $2,429.79, which acts as immediate resistance. The upper Bollinger Band at $2,493.27 lies near the lower edge of the broader $2,500‑$2,550 supply zone. A close above the midpoint could allow a retest of that zone, while a break above the upper band would strengthen a move toward $2,550.

Daily structure remains bullish

On the daily timeframe, ETH stays well above its 50‑day simple moving average ($2,064.47) and 200‑day average ($2,031.85). The 50‑day line has crossed above the 200‑day line, forming a bullish crossover that signals improved medium‑term momentum. The Chaikin Money Flow (CMF) indicator is positive at 0.22, showing buying pressure outweighs selling pressure, though the indicator has flattened after the August rally.

Key support and resistance levels

• Support: $2,400–$2,350 region; a break below $2,350 could expose $2,200.
• Resistance: $2,430 (Bollinger midpoint), $2,493, and the $2,500‑$2,550 zone.

Liquidation clusters

CoinGlass heatmaps show leveraged positions clustered around $2,350‑$2,360 (downside) and $2,430‑$2,450 (upside). The largest cluster sits near $2,535‑$2,550, overlapping recent price peaks and representing a potential upside target if momentum returns.

Outlook

For a short‑term stabilization, ETH needs a daily close above $2,400 and a move through the 4‑hour Bollinger midpoint. Reclaiming $2,450 would shift focus toward $2,493 and the $2,500‑$2,550 resistance. Failure to hold $2,400 could pull price toward the lower Bollinger band around $2,366 and, with a decisive close below $2,350, could open a path to $2,200.