Ethereum rebounds to $2,524, eyes resistance near $2,550

Ethereum (ETH) recovered from a 24‑hour low of about $2,370 to trade near $2,524 on September 4, marking a 5.7% gain. The rally brought the price back to a resistance area that has halted several prior breakout attempts.

Technical picture

On the 4‑hour chart, ETH is near the upper Bollinger Band ($2,544) with the RSI at 66.87, indicating bullish momentum but approaching overbought levels. A close above $2,550 would strengthen a breakout case, with next resistance zones near $2,600 and $2,700 before the psychological $3,000 mark. Below $2,500, the Bollinger midpoint at $2,445 and the lower band at $2,345 act as support.

The daily chart shows ETH above its Supertrend line ($2,223) and a positive Chaikin Money Flow (0.24), suggesting buying pressure exceeds selling pressure on a medium‑term basis.

Liquidity and liquidation clusters

CoinGlass data highlight two nearby liquidation bands: a short‑position cluster around $2,535‑$2,550 and a downside cluster around $2,485‑$2,490. A break above $2,550 could trigger short squeezes, while a fall below $2,490 might push the price toward $2,460. Approximately $115 million in ETH futures were liquidated in the prior 24 hours, with open interest near $34.23 billion.

On‑chain activity

Lookonchain reported a large holder moving 167,855 ETH, depositing 70,739 ETH (about $174 million) into exchanges over two days while retaining 97,115 ETH (≈$237 million). The transfers create a potential supply source but do not confirm full liquidation.

Market context

The rebound coincided with Bitcoin trading above $81,000 and broader risk‑off sentiment easing after Federal Reserve Governor Christopher Waller signaled support for holding rates steady if inflation eases. Treasury yields and the U.S. dollar fell, aided by weaker ADP employment data.

Outlook

Analyst Ted Pillows noted that a weekly close above $2,550 could open a path toward $3,000. Market commentator “Lucky” also cited $3,000 as a longer‑term target, contingent on ETH maintaining its trend structure. Immediate focus remains on whether buyers can hold above $2,550 without slipping below $2,490.