Ethereum traded near $2,475 on Sept. 8, holding below the $2,500 level as a weak ADX reading and Federal Reserve uncertainty kept the market range-bound. Liquidation clusters near $2,450 and between $2,515 and $2,550 frame the next move, while stronger-than-expected U.S. jobs data pushed up rate-hike odds ahead of the Fed's Sept. 16 decision.
Ethereum traded near $2,475, down 0.7% over the previous 24 hours, after touching a daily high of $2,507.99 and a low of $2,463.
The token has traded between $2,450 and $2,550 since Sept. 3, with repeated moves through the middle of the range failing to produce a sustained trend. Crypto trader Daan Crypto Trades described the pattern as typical of an illiquid holiday weekend, expecting a return to normal trading activity to help the market pick a direction.
Fed uncertainty keeps pressure on Ether
Stronger-than-expected U.S. employment data added pressure on Ethereum and other risk assets: the economy added 162,000 jobs in August, well above expectations of about 53,000, while unemployment held at 4.1%. As a result, traders now assign roughly a 60% probability to a rate hike at the Fed's September meeting, which is scheduled for Sept. 16.
Higher interest rates can reduce demand for volatile assets because investors can earn greater returns from safer instruments. Rising oil prices added another layer of uncertainty, too: Brent crude climbed to $98.66 per barrel on Sept. 8 as conflict in the Middle East raised concerns over energy supplies. Markets now watch Thursday's Producer Price Index and Friday's Consumer Price Index for signs of whether inflation pressure will ease.
Technical indicators point to a range-bound market
The 4-hour chart shows ETH trading below the Bollinger Band midpoint at $2,484.76, which stands as the first hurdle before the upper band at $2,516.64. The Average Directional Index reads 11.1 on the 4-hour chart, a level that usually reflects a weak trend, consistent with the reversals seen since late August.
A close above $2,516.64 could expose the $2,540–$2,550 resistance zone, while a break below the lower band at $2,452.87 could open a drop toward $2,400. However, ETH holds above Supertrend support at $2,318.72 on the daily chart, and the Awesome Oscillator remains positive at 256.05, though shrinking bars show bullish momentum has cooled since the August rally.
Liquidation clusters frame the next move
CoinGlass data show about $29 million in Ethereum futures positions were liquidated over the past 24 hours, with open interest near $33.3 billion. Both a breakdown and a breakout now carry liquidation risk.
A breakdown below $2,450 could trigger long liquidations and accelerate a move toward $2,400, while a recovery through $2,500 could pull the price toward the $2,515–$2,550 upper clusters. Team Lambo Charts said Ethereum's consolidation above $2,400 lets liquidity build without damaging the broader bullish structure. According to Team Lambo Charts: "$2.4K holds bullish structure staying intact".
The analyst pointed to $3,000 as the next upside target if ETH begins another expansion phase.
In the short term, the setup stays neutral while ETH holds between $2,450 and $2,517.
Source: crypto.news
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