Ethereum rebounded to roughly $2,524 on Sept. 4, up about 5.7% over 24 hours, but the move stalled at the $2,550 resistance that has rejected several earlier breakout attempts. A large holder's exchange deposits and fading Fed rate-hike bets are both weighing on the next move, with some analysts eyeing $3,000 if the level finally breaks.
Ethereum traded around $2,524 on Sept. 4, up approximately 5.7% over the previous 24 hours, after rebounding from an intraday low near $2,370. The recovery pushed ETH into the same resistance zone near $2,550 that has turned back several earlier breakouts, with the intraday high stopping at roughly $2,547 before the price slipped back below the level.
Rate-cut bets and weak jobs data fuel the rebound
The rebound coincided with a broader crypto rally that lifted Bitcoin above $81,000, after Federal Reserve Governor Christopher Waller said he could support keeping interest rates unchanged if inflation continued to ease. His remarks reduced expectations for a rate increase at the Fed's Sept. 15–16 meeting, and Treasury yields and the US dollar declined as traders adjusted their positions.
Weak labor data added to the shift. The ADP National Employment Report showed private employers created 38,000 jobs in August, below economists' estimate of about 47,000, giving rate-sensitive assets room to recover ahead of the official US jobs report.
Whale deposits offset ETF inflows
Blockchain tracker Lookonchain reported that a wallet holding 167,855 ETH began transferring tokens toward exchanges, depositing 70,739 ETH worth approximately $174 million over two days, while still holding 97,115 ETH valued at nearly $237 million. Exchange deposits can precede sales, but the remaining balance means the transfers do not confirm the full position was sold.
The deposits nevertheless created a potential source of supply as ETH struggled near $2,550. US spot Ethereum ETFs offered a counterweight, recording $141.39 million in net inflows on Sept. 3, according to data attributed to SoSoValue.
RSI nears overbought as resistance holds
On the 4-hour chart, ETH traded at $2,523.79, close to the Bollinger Band's upper boundary at $2,544.17, while the RSI climbed to 66.87, approaching the 70 level commonly associated with overbought conditions.
A close above $2,550 would open a path toward $2,600 and $2,700 before the psychological $3,000 mark, while failure at the level would leave $2,500 and the Bollinger midpoint near $2,445 as the next support. CoinGlass data show liquidation clusters between roughly $2,535 and $2,550 overhead and between $2,485 and $2,490 below the price, with about $115 million in ETH futures liquidations over the previous 24 hours and open interest near $34.23 billion.
Analysts eye $3,000 on a confirmed breakout
Analyst Ted Pillows said ETH tested $2,550 and faced another rejection, arguing that a weekly close above the level could send Ethereum quickly toward $3,000. According to market commentator Lucky: "I honestly believe $ETH to $3K feels like a matter of time."
Neither target is confirmed while Ethereum stays below $2,550. Next week's official jobs report and inflation readings could determine whether falling yields keep supporting the rebound.
Source: crypto.news
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