Ethereum Succumbs to Pressure, Price Dips Below $2.4k
Ethereum has succumbed to pressure in the crypto market; the price is down by about 1% to $2,393, underperforming a flat Bitcoin, primarily driven by macro-driven risk-off sentiment.
ETH dipped amid escalating U.S.-Iran tensions and surging Treasury yields, renewing fears of a Federal Reserve rate hike and triggering a broad crypto sell-off.
Renewed military strikes between the U.S. and Iran in the Strait of Hormuz pushed Brent crude above $95, stoking fears of energy-driven inflation.
Concurrently, global bond yields spiked, with markets now pricing an approximately 70% probability of a Fed rate hike in September.
Traders said this macro shock pressured all risk assets, including crypto. Ethereum’s price is currently more sensitive to macro liquidity and interest-rate expectations than to its own network fundamentals.
The sell-off triggered $95.39 million in Ethereum futures liquidations within 24 hours, with the largest single order hitting $11.99 million on Binance.
Technically, ETH broke below the crucial $2,400 support, confirming a lower-high structure on the 4-hour chart and testing its 20-day simple moving average near $2,299.
Forced selling from over-leveraged positions accelerated the decline, while the loss of key support shifted short-term momentum to sellers. The $2,370–$2,375 liquidation cluster; a break below could trigger further stops toward $2,340.
The immediate trajectory hinges on ETH’s ability to defend the $2,300–$2,350 support zone. A hold above $2,300, coupled with stabilising Treasury yields, could set up a range between $2,300 and $2,450.
The major upcoming catalyst is the Federal Reserve’s policy decision on September 16. The trend is bearish in the very short term, but the medium-term uptrend from August remains intact above $2,200.
A daily close below $2,300 would signal a deeper correction, potentially targeting the 50-week exponential moving average near $2,200.
Bearish Pressure in the short term due to macro headwinds and leveraged unwinding, but the broader August recovery structure is not yet broken. #Ethereum Succumbs to Pressure, Price Dips Below $2.4k# Ethereum Tops $2.5k, Institutional Investors Entering Positions
