Ethereum (ETH) is trading near $2,480 on Sept. 8, down about 1% over the past 24 hours, as the cryptocurrency continues to struggle to hold above the $2,500 mark. Despite a third consecutive week of positive inflows into US spot Ether ETFs, the token has repeatedly failed to sustain gains above that psychological level, leaving it in a tight trading range.
Over the past seven days, ETH has oscillated between roughly $2,375 and $2,525, with the latest attempt to break higher stalling. The lack of directional momentum comes as traders await the US August Consumer Price Index (CPI) report, scheduled for Sept. 11, which will be the final inflation data point before the Federal Reserve's policy meeting on Sept. 15–16.
Market expectations for a rate hike have risen following stronger-than-expected employment figures. The US economy added 162,000 jobs in August, while the unemployment rate held steady at 4.1%, according to the Bureau of Labor Statistics. Average hourly earnings rose 0.3% month-over-month and 3.1% year-over-year. Following the jobs report, the two-year Treasury yield climbed five basis points to 4.38%, adding pressure to risk assets.
Fed Governor Christopher Waller has indicated that his stance on a September rate increase will depend on the upcoming inflation numbers. If inflation continues to ease, he would support holding rates steady; a stronger reading could lead him to back an increase. As a result, the CPI release is likely to be a key catalyst for ETH's next move.
On the technical front, Ethereum faces a well-defined supply zone between $2,511 and $2,546. Repeated attempts to clear this area have been met with selling, while buyers have defended support near $2,475. This tug-of-war has kept the price rangebound.
Interestingly, selling pressure has not been uniform across Ether holders. Data from on-chain analytics suggests that wallets holding between 1,000 and 10,000 ETH sold roughly 214,000 ETH last week, while addresses with 100 to 1,000 ETH reduced their balances by another 93,000 ETH. In contrast, larger holders (10,000 to 100,000 ETH) accumulated around 82,000 ETH over the same period.
Meanwhile, analyst Ali Martinez reported that 116,000 ETH (worth over $300 million) left exchanges between Sept. 6 and Sept. 7, reducing the available supply on trading platforms—a sign that some investors are accumulating rather than selling. Institutional flows also remain supportive, with US spot Ether ETFs recording $218.4 million in net inflows for the week ending Sept. 4.
This combination of exchange outflows and ETF inflows has not been enough to overcome the resistance zone. The daily chart shows ETH consolidating around $2,480 after a sharp August rally from below $2,000. The Directional Movement Index still favors buyers, with the positive directional indicator at 30.17 versus the negative at 7.67, and the ADX at 50.70, indicating a strong underlying trend. Chaikin Money Flow remains positive at 0.11, though it has eased from earlier levels above 0.20, suggesting reduced buying pressure but no significant capital outflow.
On the 4-hour chart, Donchian Channels place the midpoint near $2,490, with the upper boundary at $2,537 and the lower at $2,444. The TRIX indicator has fallen sharply from above 70 to 5.01, reflecting a loss of short-term momentum, though it has recently turned slightly higher.
A daily close above the $2,511–$2,546 resistance area could open the door to a test of $2,626, with further upside toward $2,690–$2,750 if buying volume expands. However, the heavier supply zone around $2,723–$2,822 may cap any larger move. On the downside, a break below $2,475 would put the Donchian lower boundary near $2,444 in focus, followed by support at $2,431 and then $2,385.
As the market awaits the CPI report, Ethereum remains caught between persistent institutional interest and technical resistance. The outcome of the inflation data could determine whether ETH finally breaks out or continues to consolidate. For broader context, similar dynamics are playing out in other assets, as seen in Bitcoin's recent price action and Solana's ETF-driven momentum.
This article is for informational purposes only and does not constitute financial advice.
