Ethereum Reclaims $2,550 Resistance as RSI Nears 67

Ethereum price retests critical resistance near $2,550

Ethereum (ETH) staged a notable rebound on Sept. 4, recovering from intraday lows near $2,370 to trade around $2,524, up roughly 5.7% on the day. The bounce brought ETH back to a key resistance zone near $2,550, a level that has repeatedly capped upside attempts in recent sessions. While technical momentum leans positive, a confirmed breakout has yet to materialize.

Short-term context and macro drivers

The recovery unfolded alongside a broader cryptocurrency upswing that pushed Bitcoin above the $81,000 mark. Traditional markets also rallied after Federal Reserve Governor Christopher Waller suggested he could support holding interest rates steady if inflation continues to moderate. That commentary trimmed expectations for a Fed rate increase at the September meeting and weighed on the US dollar and Treasury yields, providing a friendlier backdrop for rate-sensitive risk assets including crypto.

Weak US employment data amplified the relief rally. The ADP National Employment Report showed that private payrolls rose by 38,000 in August versus the roughly 47,000 expected by economists. The softer reading gave markets additional breathing room ahead of the official jobs report and next week’s inflation prints, which remain key macro catalysts for Ethereum price action.

Price action summary

• Low to high in 24 hours: about $2,370 to $2,547
• Current trading area: near $2,524
• Intraday resistance: $2,540 to $2,550
• Immediate support: $2,500 and the Bollinger Band midpoint near $2,445

Despite the intraday spike to about $2,547, ETH faded back under $2,550, leaving the resistance band intact. Traders will watch whether buyers can absorb overhead selling pressure and secure a decisive close above the upper boundary.

On-chain flows and whale activity raise supply risk

Blockchain tracker Lookonchain flagged large whale movement that added a potential source of market supply. One wallet received 167,855 ETH and subsequently moved substantial amounts toward centralized exchanges. Over two days the holder deposited 70,739 ETH, worth roughly $174 million at the time, across several exchange wallets and still reported a remaining balance of 97,115 ETH, approximately $237 million.

Exchange deposits can precede selling, increasing short-term supply and pressuring price. However, transfers alone do not prove liquidation, and the remaining balance undermines claims that the holder fully exited the position. Nonetheless, continued deposit flows could cap upside attempts while ETH struggles around $2,550.

Counterbalancing that selling risk, US spot Ethereum exchange-traded funds registered meaningful inflows. SoSoValue data attributed net inflows of $141.39 million into US spot ETH ETFs on Sep. 3, demonstrating persistent institutional demand that can help underpin prices.

Technical indicators: momentum favors buyers but resistance looms

On the 4-hour ETH/USDT chart the price hovered near $2,523.79, trading close to the Bollinger Band upper boundary at $2,544.17. The 20-period simple moving average, represented by the Bollinger midpoint, sits near $2,444.67.

Ethereum price 4-hour chart — Sep. 4

The 4-hour relative strength index (RSI) climbed to 66.87, with its moving average around 50.18. Momentum currently tilts toward buyers, but the RSI is approaching the 70 overbought threshold that often precedes short-term pullbacks. A sustained close above the upper Bollinger Band and the $2,550 mark would strengthen the breakout narrative and could clear a path to resistance zones at $2,600 and $2,700, ultimately targeting the psychological $3,000 level.

If ETH fails to hold above $2,550, the immediate pivot to watch is $2,500. Beneath that, the Bollinger Band midpoint near $2,445 provides the next support, followed by the lower band around $2,345. A drop below $2,445 would weaken the short-term recovery without necessarily invalidating the broader daily uptrend, but a break under $2,345 would endanger the recent low near $2,370 and the wider $2,300 support cluster.

Daily chart and medium-term structure

On the daily timeframe, ETH remains above its Supertrend line at $2,223.45, which supports the medium-term bullish bias. Chaikin Money Flow (CMF) sits at a positive 0.24, indicating that buying pressure has exceeded selling pressure over the measurement period — a bullish sign for institutional accumulation and sustained demand.

Ethereum price daily chart — Sep. 4

However, the market is finely balanced. Losing the $2,445 area would sap short-term momentum, and traders should monitor whether open interest and leverage levels contract or expand during any decisive move.

Liquidation levels and leverage profile

The CoinGlass 24-hour liquidation heatmap points to nearby clusters of leveraged positions that could amplify directional moves. One of the nearest overhead liquidity concentrations sits roughly between $2,535 and $2,550, a band that, if breached, could force short positions to cover and trigger a short squeeze that pushes ETH higher.

Ethereum liquidation heatmap 

On the downside, a strong pool of liquidations congregates near $2,485 to $2,490, with additional bands visible around $2,460 and $2,400. That places ETH between two closely spaced levered exposures: a break above $2,550 risks triggering short covering, while a fall below $2,490 could accelerate downside momentum toward $2,460.

CoinGlass reported about $115 million in ETH futures liquidations over the prior 24 hours, and open interest remained elevated near $34.23 billion. The high level of leveraged positioning means that price rotations can be sharp as liquidation cascades unfold.

Analyst views and scenarios

Market analysts remain split on timing and confirmation. Analyst Ted Pillows noted that ETH has repeatedly tested the $2,550 area and argued that a weekly close above that level could open a rapid run toward $3,000. Another commentator, Lucky, cited a breakout from a descending channel and a successful retest as supporting a possible longer-term 56% advance, contingent on ETH preserving a reclaimed bullish structure.

Neither target becomes actionable until ETH decisively clears and holds above $2,550. The immediate test is whether buyers can absorb selling pressure around that band without allowing prices to slip beneath $2,490 and the 4-hour Bollinger midpoint.

Key macro risks for US traders

For US-based traders and global investors, upcoming macro prints carry outsized influence. The official August jobs report and next week’s inflation data will shape Treasury yields, dollar strength, and Fed policy expectations. Stronger-than-expected employment or inflation readings could reinforce rate-hike bets and weigh on risk assets, potentially challenging Ethereum's recovery. Conversely, softer data would likely keep downward pressure on yields and support further upside for crypto, including ETH and Bitcoin.

Bottom line

Ethereum's bounce back to near $2,550 shows renewed buyer interest, supported by positive on-chain ETF inflows and improving momentum indicators. Yet the market faces concentrated supply from whale exchange deposits and dense liquidation bands around resistance and support pivots. Traders should watch for a confirmed daily or weekly close above $2,550 to validate a clear breakout scenario toward $3,000, while failure to hold above $2,490 could lead to accelerated downside as leveraged positions unwind. As always, keep an eye on macro data and Fed-speak, which remain critical drivers for crypto risk appetite.