Ethereum Price Holds Above $2,400 But Momentum Remains Bearish
Ethereum's price has managed to hold above $2,400 after recovering from its recent drop to $2,370 on September 3. However, despite this recovery, momentum remains bearish, with the Relative Strength Index (RSI) standing at 43.86, below the neutral 50 level.
The 4-hour chart shows that Ethereum has been forming lower highs since its late-August advance, and it currently trades below the Bollinger Bands' middle line at $2,429.79. The upper Bollinger Band sits at $2,493.27, near the lower edge of the wider $2,500-$2,550 supply zone.
Analyst Daan Crypto Trades identified $2,400 as a key level separating a normal breakout retest from a deeper reversal. If Ethereum fails to hold this level, it could send the price back into its previous range and weaken the recent breakout structure.