Ethereum crypto price tests $2,434 support as sellers return
Ethereum slipped to $2,431 before recovering, leaving traders waiting to see whether its closely watched support can survive the daily close.
The Ethereum crypto price fell 2.7% to $2,446 on Tuesday, September 15, extending its retreat from the $2,500 area.
The price of ETH briefly moved below the support at $2,434, but the buyers quickly bounced back. This movement left it prone to further fall if the said support level is breached.
Ethereum gives back its latest advance
Ethereum started trading at $2,515, reaching $2,519 before selling pushed the price to $2,431 for the day.
This sharp drop occurred after an earlier move saw it go down by 1.07% to $2,492.
The fall it saw after that shows that sellers remained active as trading continued. Volume reached 81,970 ETH, even though trading did not see the same levels seen during the rally in August.
Investors also exercised caution ahead of Tuesday’s crucial US Senate vote that might decide the advancement of the CLARITY Act. If it gathers sufficient endorsements from senators, lawmakers will start debating the Act.
Bitcoin also declined ahead of the vote, which means that the decline Ethereum is seeing was part of a broader caution across the crypto market.
Has the $2,434 support held?
The price fall to the $2,431 area took it below the level that traders are watching, but its recovery to $2,446 means buyers prevented a deeper fall during the session.
A brief move below support does not necessarily mean the price has broken down, and where it closes shows whether buyers have successfully defended the area.
The chart’s momentum reading stood at 54, indicating that $ETH was not at any particular extreme within its trading range and therefore perhaps less likely to undergo a short-term rebound.
Ethereum, however, still trades above its long-term moving averages, so despite the recent decline, the bigger recovery from the June lows is still intact.
If the price closes below $2,434 and selling continues, the next area to watch is around $2,385, but a recovery above $2,500 would ease the immediate pressure. If it is able to move beyond around $2,520, it would show that buyers have taken back control.
Final Summary
- ETH was down 2.7%, trading briefly below the key support of $2,434.
- A close below that could shift focus to $2,385, while $2,500 remains the first recovery hurdle.
