Ethereum Price Tests Key Support Level at $2,434

The Ethereum price took a hit on September 15, falling by 2.7% to $2,446 after trading as high as $2,519 earlier in the day.

This downward movement saw the price briefly dip below the key support level of $2,434, but buyers quickly responded with a bounce back to $2,446.

The fact that the price remained above its long-term moving averages is a positive sign for Ethereum, as it suggests that the bigger recovery from June's lows remains intact.

However, if the support level at $2,434 is breached and selling continues, traders will be watching the next area around $2,385. On the other hand, a recovery above $2,500 would ease the immediate pressure on Ethereum.