Ethereum's price has climbed 1.9% over the past 24 hours to approximately $2,443, recovering from a low of $2,371. The token remains above its 20-day exponential moving average (EMA) as buyers step in following this week's selloff. According to CoinGecko, ETH's 24-hour range spans $2,371 to $2,441, with the asset bouncing off the lower end as of Sept. 17.
Despite the daily gain, ETH is still down 1.6% over the past week, though its 30-day performance shows a robust 28.7% increase. The recent dip was triggered by the US Senate's failure to advance the CLARITY Act, which pressured the broader crypto market. Bitcoin slid to near a four-week low, and Ethereum dropped over 6% on Sept. 15.
Ethereum has since decoupled from some of the market's weakness, buoyed by two key catalysts: the activation of Multi Party Block Construction (MPBC) on the mainnet and continued institutional accumulation. MPBC, which went live on Sept. 16, allows multiple builders to contribute transactions to a single block, enhancing transaction inclusion and reducing reliance on a single builder. This infrastructure-level upgrade does not directly affect ETH's supply or demand but provides a positive narrative for the network.
On the institutional front, BitMine Immersion Technologies has been steadily increasing its treasury. The company disclosed on Sept. 14 that it purchased an additional 27,180 ETH, bringing its total holdings to 5,956,378 ETH—roughly 4.9% of Ethereum's 122 million token supply. BitMine is approaching its stated goal of holding 5% of the supply, with about 85% of its position staked as of Sept. 7.
However, US spot Ether ETF flows have been inconsistent. Farside Investors reported net inflows of $216.4 million on Sept. 11 and $121.1 million on Sept. 14, but outflows of $142.3 million on Sept. 15. These recent flows do not fully explain the latest recovery, as the outflow coincided with the market-wide decline following the Senate vote.
Technical Analysis
On the daily chart, ETH has rebounded to around $2,444, sitting just above its 20-day EMA at $2,434.49. Holding this level keeps the short-term recovery intact, but the token faces resistance near $2,500, where several daily candles were rejected earlier this month. The 50-day EMA at $2,282.66, 200-day EMA at $2,210.12, and 100-day EMA at $2,162.19 all remain below the current price, indicating a longer-term bullish structure.
A daily close below $2,434 would put the recent low of $2,370 back in focus. If sellers push through that level, the next support lies near the 50-day EMA at $2,283, which would erase a significant portion of the gains from August's rally. The daily RSI has cooled to 53.90 from overbought levels above 80, but it remains above the neutral 50 mark, though it has dipped below its moving average at 60.03, signaling a slowdown in upward momentum.
On the 4-hour chart, ETH has bounced from the Sept. 16 low and returned to $2,444, but it still faces resistance from the $2,480–$2,500 cluster that preceded the selloff. The Aroon indicator shows Aroon Down at 0%, indicating the recent low is losing significance, while Aroon Up at 35.71% has yet to confirm a fresh breakout. The On-Balance Volume (OBV) has started to turn higher alongside the price rebound, but it remains below pre-selloff levels, suggesting that volume support for the recovery is still building.
If ETH can clear $2,500, the next resistance levels are $2,550 and the August spike near $2,650. Conversely, failure to hold the 20-day EMA at $2,434 could lead to a retest of $2,370–$2,400, with a break below that bringing the 50-day EMA at $2,283 into play. For broader context, Ethereum's path to $3,000 depends on breaking through these key levels, while Bitcoin's momentum fades as it holds key support, and whale accumulation during the selloff has been a notable trend.
This article is for informational purposes only and does not constitute financial advice.
