Ethereum price risks pullback as MACD flattens

Ethereum (ETH) was trading near $2,460 on September 1, staying within a narrow $2,400‑$2,500 range. Over the past week the token fell about 1%, and 24‑hour volume dropped roughly 21% to $11.35 billion, indicating reduced participation.

Technical outlook

On the daily chart, ETH stays above the 78.6 % Fibonacci retracement at $2,340, which acts as the primary higher‑timeframe support. The MACD line (143.58) is only marginally above the signal line (143.46) and the histogram has narrowed to near zero, suggesting a possible bearish crossover. Bull‑bear power remains positive but has been declining.

A daily close above $2,565 would break the short‑term consolidation and open a path toward $2,600. Conversely, a close below $2,400 could expose $2,340 and the 61.8 % Fibonacci level at $2,164.

4‑hour view

The 4‑hour chart shows ETH near the middle Bollinger Band at $2,456.53, with the upper band at $2,497.62 and the lower band at $2,415.44. The ADX has fallen to 18.58, below the 20 threshold that typically signals a lack of strong directional trend, supporting continued range‑bound trading.

Liquidity and liquidation clusters

CoinGlass data highlight liquidity concentrations above $2,540‑$2,550 and around $2,495‑$2,505, reinforcing $2,500 as a key resistance. On the downside, clusters near $2,420‑$2,410 and $2,390 could trigger long liquidations if price breaks below $2,400.

ETF inflows provide a counterbalance

US spot Ethereum ETFs recorded $87.68 million of net inflows on August 31, extending an 11‑day positive streak. BlackRock’s iShares Ethereum Trust contributed about $59.94 million, while Grayscale’s Ethereum Mini Trust added roughly $13.50 million. Combined, the ETFs hold about $15.61 billion, representing 5.23 % of Ethereum’s market cap.

Despite these inflows, price momentum remains weak, and a decisive directional signal will likely require a daily close outside the $2,400‑$2,500 band.